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Dangote Cement sustains N173.93 billion taxes in 2021

DANGOTE Cement Plc has maintained its position as a major contributor to Nigeria’s economy with a tax charge of N173.93 billion for the previous year,

The tax charge represents a 78.7% increase over the N97.24 billion paid in 2020, according to the group’s audited reports published on the Nigerian Exchange Ltd (NGX) online.

According to the financial results of the cement company, the group’s sales volume was 29.3 metric tonnes (MT0), with Nigeria accounting for 18.61MTs and activities in other countries accounting for 10.86MTs.

The total revenue for the year was N1.38 trillion, with N993.34 billion from Nigeria and N397.32 billion from other African plants. This is a significant increase above the company’s sales of N1.034 trillion in 2020.

The company earned N538.37 billion in gross profit and N364.44 billion in after-tax profit, with profits per share (EPS) rising to N21.24 from N16.14. A dividend of $20 per share has also been suggested by the board of directors.

Speaking on the results, Chief Executive Officer, Dangote Cement, Michel Puchercos said: “We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 per cent and Group EBITDA was up 43.2 per cent to ₦684.6 billion at a 49.5 per cent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32 per cent.

“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.”

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