12 Aug Dangote Cement says Pan-African operations performed well in H1 2020
Dangote Cement’s Pan-African operations performed well in the first half of 2020 and contributed positively to its Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), the company said.
The cement giant told Nigerian business news website Nairametrics that ‘the Pan-African business is not dragging the group down’, despite it posting an after-tax loss of N17 billion in the first half.
Dangote also stated that there was volume growth in five African countries where it currently operates, despite of the impact of the COVID-19 pandemic in the first six months of the year.
“Our Pan-Africa operations performed well in the first half of 2020, with an increase in volumes and revenues, despite the impact of COVID-19. We have reduced our cash cost in six of our nine Pan-African operations this year.
The message also highlighted Dangote’s ambition to make West and Central Africa cement independent through its ‘export to import’ strategy.
“Nigeria has an abundance of quality limestone, while much of West Africa is lacking it. As successfully delivered for Nigeria by Dangote Cement leadership, we are aiming at making Ecowas and CEMAC regions clinker and cement independent and eventually net exporters with Nigeria as the main supplier.”