Dangote Cement (DANGCEM) Q2 2024 earnings summary

Executive summary

• Group revenue surged 85.1% year-over-year to ₦1,760.1B, driven by robust sales in Nigeria and improved pricing and performance across pan-African operations.

• Group EBITDA rose 50.3% to ₦666.2B, with a margin of 37.9%.

• Profit after tax increased 6.3% to ₦189.9B, despite a significant FX loss of ₦201.3B.

• Total comprehensive income for H1 2024 was ₦935.1B, reflecting significant foreign exchange translation gains.

• Dividend payout reached ₦502.6B, reflecting a strong commitment to shareholder returns.

Financial highlights

• Revenue: ₦1,760.1B (up 85.1% year-over-year).

• EBITDA: ₦666.2B (up 50.3%), margin 37.9%.

• EBIT: ₦551.6B (up 45.1%), margin 31.3%.

• PAT: ₦189.9B (up 6.3%).

• EPS: ₦44.30 for H1 2024, compared to ₦34.71 in H1 2023.

• Net debt: ₦915.7B; net gearing 42.3%.

• Gross cash balance: ₦590.5B (up 32.1%).

• Net cash generated from operating activities for H1 2024 was ₦411.8B.

• Total assets increased to ₦5,375.2B as of 30 June 2024.

Outlook and guidance

• Expansion focus on West and Central Africa, with new grinding plants and increased clinker exports planned.

• Continued optimisation of Eastern African assets to boost regional self-sufficiency.

• Ongoing investments in alternative fuel projects and energy efficiency.

• Management continues to focus on operational efficiency and cost control amid inflationary pressures and currency volatility.