Dangote Cement Plc, Africa’s largest cement producer, has recorded a stellar financial performance in 2024, reporting a 62% surge in revenue to N3.58 trillion ($2.4 billion), reinforcing its dominance in the industry. The impressive growth, fueled by strong sales in both Nigeria and other African markets, cements its position as a key driver of industrialization across the continent.
Revenue Growth Across Key Markets
The company’s Nigerian operations remained its largest revenue contributor, increasing from N1.29 trillion ($860.6 million) in 2023 to N2.19 trillion ($1.46 billion) in 2024. This growth was largely driven by higher cement prices amid inflationary pressures.
Meanwhile, its Pan-African operations also saw a revenue increase from N925.9 billion ($617.7 million) to N1.48 trillion ($987.4 million), benefiting from currency devaluation gains. However, despite the revenue boost, its international business posted a loss of N24.37 billion ($16.3 million).
Profitability and Financial Strength
Despite rising operational and financing costs, Dangote Cement’s net profit rose by 10% to N503.25 billion ($335.75 million), up from N455.58 billion ($303.9 million) in 2023. The company faced increased administrative, selling, and distribution expenses, along with finance costs totaling N700.3 billion ($467.2 million).
Total assets saw a significant jump, rising from N3.94 trillion ($2.63 billion) in 2023 to N6.4 trillion ($4.27 billion) in 2024. Meanwhile, total equity grew from N1.69 trillion ($1.13 billion) to N2.12 trillion ($1.41 billion), showcasing the company’s strong financial position. However, retained earnings declined slightly from N1.098 trillion ($732.5 million) to N1.027 trillion ($685.2 million).
Expansion and Market Influence
As part of its aggressive regional expansion strategy, Dangote Cement operates in 10 African countries, including South Africa, Senegal, Zambia, Ethiopia, Tanzania, Congo, Cameroon, Ghana, Sierra Leone, and Côte d’Ivoire. The company has been instrumental in shifting Nigeria from a cement-importing nation to a key exporter within Sub-Saharan Africa.
With an annual production capacity of 52 million tonnes, Dangote Cement remains one of the largest cement producers on the continent, strengthening regional trade by supplying cement and clinker to multiple markets.
Investor Confidence and Dividends
The company’s robust performance has continued to reward investors, with the board proposing a dividend of N30 ($0.02) per share for the 2024 financial year, maintaining the same payout as in 2023.
Dangote Cement’s ability to balance profitability, expansion, and shareholder returns underscores its commitment to long-term growth and leadership in Africa’s cement industry.
