Dangote Cement has sustained its position as a leading contributor to Nigeria’s economy with a tax charge of N173.93 billion for the financial year ended Dec. 31, 2021.
According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion in 2020.
Analysis of the cement company’s financial result for the review year indicated that group sales volume stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries had 10.86Mt.
Group revenue was N1,383.6 billion for the full year, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion.
Dangote Cement recorded a gross profit of N538.37 billion and an after-tax profit of N364.44 billion while earnings per share (EPS) rose to N21.24 from N16.14.
Chief Executive Officer, Dangote Cement, Mr Michel Puchercos said, the company experienced its strongest year across all line items, with a record profit after tax of N364.4 billion up 32.0 percent.
He added that the company became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy.
“Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors.
“It represents another step in continuing efforts to modernize and enhance transparency of, and access to, companies’ disclosures.
“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations.
“Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders,” he said.
