Dangote Cement has recorded a 16 per cent surge in its revenue for 2020, resulting in a record annual sales year.
The company reported an increase of 37.7 per cent in its profit after tax for the 2020 financial year, compared to N200.52 billion it raked in 2019.
“Dangote Cement recorded strong top-line growth supported by strong cement demand. Profitability was further bolstered by our disciplined cost control measures in what we believed to have been a highly inflationary and volatile year.
“These measures resulted in a 37.7 per cent increase in profit after tax to ₦276.1 billion,” the company revealed in a statement on Tuesday.
The statement gave cost-saving measures such as improved plant efficiency, better fuel mix, and general overhead optimization as the reason for recording strong performances.
Despite inflationary pressures and foreign exchange volatility, disciplined cost control measures, Chief Executive Officer, Michel Puchercos, explained that the company was able to maintain a relatively stable cash cost per tonne.
Last year, Peoples Gazette reported that the Dangote Group was granted a waiver by the federal government, allowing it to export its products to other countries through land borders to neighbouring West African countries like Niger and Togo despite the border closure.
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