fbpx
Connect with us

Business

Dangote Cement to pay over N97 bn in corporate tax for 2020

Published

on

The logo

 

Africa’s largest cement producer, Dangote Cement Plc has remained a major contributor to the economy with a tax charge of N97 billion for the financial year ended 31st December 2020, even as it proposed a dividend of N16 per share.
According to the cement group’s audited results released on the floor of the Nigerian Stock Exchange (NSE), the tax charge represents an increase over the sum of N50 billion recorded in 2019.

Dangote Cement’s Nigerian operations during the period sold 15.9Mt for the full year 2020, compared to 14.1Mt in 2019. This includes both cement and clinker sales. Looking at the domestic sales alone, Nigerian operations sold 15.6Mt. Revenues for the Nigerian operations came in at ₦720.0 billion, owing to demand in the domestic market. This volume growth was enhanced by a successful innovative national consumer promotion “Bag of Goodies – Season 2” and lower rains in the third quarter compared to the previous year.

Dangote Cement posted a record high Pan-African EBITDA of ₦71.3 billion. Within the period under review, the cement group commissioned its gas power plant in Tanzania. Group earnings per share was ₦16.14.

Dangote Cement recorded strong performance not only at the top line but also at the bottom line, owing to cost saving measures. Despite inflationary pressures and foreign exchange volatility, disciplined cost control measures enabled the company to maintain a relatively flat cash cost per tonne. The cost control measures include improved plant efficiency, better fuel mix and general overhead optimization

Chief Executive Officer, Dangote Cement Plc, Michel Puchercos, in his comments on the results, said: “2020 was a good year for Dangote Cement across board. Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme. We increased our capacity by 3Mt in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania. All these were achieved whilst we focused on protecting our people, customers and communities from the impact of the pandemic.

“Looking ahead, we have strengthened our Alternative Fuel initiative which focuses on leveraging the circular economy business model and reducing exposure of our cost base to foreign currencies fluctuations. We continue to embed Dangote Cement’s 7 sustainability pillars into every aspect of our operation and culture.
“We remain committed to keeping safe our staff and communities by being fully compliant with health and safety measures in all our territories of operation. We are focused on adapting to the rapidly evolving markets in which we operate.”

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.

Dangote Cement has a long-term credit rating of AA+ by GCR and Aa2.ng by Moody’s due to its market leading position, significant operational scale and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multi-billion dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors.

 

Business

Dangote Donates Bags Of Rice To 48 Charity Groups

Published

on

Alhaji Aliko Dangote

 

Continuing its National Food Intervention Programme, the Aliko Dangote Foundation has facilitated the distribution of thousands of bags of rice to beneficiaries and vulnerable Nigerians in the Federal Capital Territory, Abuja, with no fewer than 48 charity organizations and orphanages involved in the process.

According to the company’s spokesperson, Anthony Chiejina, the initiative represents a continuation of the Foundation’s commitment to supporting the government and the Nigerian populace in alleviating economic hardship within the country.

Mr. Chiejina noted that following the National Flag-off events in Kano and Lagos, the Foundation initiated the distribution of one million bags of rice throughout all the local government areas in Nigeria last month.

The coordination of the distribution exercise in Abuja is being undertaken by the 1Ummah Foundation, led by Mrs. Azeeza Hassan-Jibril.

Speaking to newsmen, Mrs Jibril said some of the groups that are supporting the ADF in the distribution exercise are: Hope for survival Children’s Home Gishiri, Child to Child Charity Foundation, Gajiya Charity Foundation, Mission for Education, Social and Health (MESH), JADAFIA Group, Network of Women with Disabilities (NWD), Dagam Pilame Community Association, Eeqra Foundation/Orphanage, Leprosarium-Yangoji, Support our troops (SOT) Foundation for widows, Karmajiji Disabled Colony, Bimbola Nutrition and Health Foundation, NASFAT Foundation, and JIBWIS Group among others.
Mrs. Jibril said the donation will greatly and positively impact on the beneficiaries in Abuja.

Reacting, Lead Program Officer of the Mission for Education, Social and Health (MESH), Mrs Khadija Oladipupo, said the rice donation has helped “nourish and uplift those in need within our communities.”

“Together, we’re making a meaningful difference in the lives of our population, especially those in need,” she said.
In her response, the Chief Executive Officer (CEO) of the Gajiya Charity Foundation, Hafsat Umar Gimba, expressed gratitude, describing the intervention as a generous assistance.

She said: “Receiving the items you sent has brought immense relief and comfort to the less privileged in the society during these hard times. Your kindness and compassion have touched their hearts profoundly. The rice provided have eased their burdens and provided them with the necessities they desperately needed.

“Knowing that there are individuals and organizations like ADF and 1Ummah who care deeply about the well-being of others fills me with hope and renewed faith in humanity. May you continue to be blessed abundantly for your noble work, and may your kindness inspire others to lend a helping hand to those in need.”

In the same vein, Administrative Secretary, Movement for Islamic Culture and Awareness (MICA), Adeniyi Akeem Akanbi, said: “we sincerely appreciate your support for the rice given us to share among our members and people of Lugbe environs. We say Jazakah lahu kayran to the Dangote foundation and pray Allah reward the organization abundantly.”
According to the President of Network of Women with Disabilities (NWD), Lois Auta, “Your commitment to supporting marginalized communities, particularly women with disabilities, exemplifies your dedication to social responsibility and compassion. Through your donation, you have not only alleviated the immediate needs of those in our network but also demonstrated solidarity and empathy towards our cause.”

Meanwhile, the President of the JADAFIA Group Mrs. Rakiya S Bamalli said: “I want to express our heartfelt appreciation for the generous donations provided by the Aliko Dangote Foundation during the holy month of Ramadan.

“The contributions have enabled us to expand our Ramadan outreach programs, including the distribution of food packages, iftar meals and essential supplies to families and communities facing hardship. This has made a significant difference in our efforts to provide relief to those in need within our community.”

Responding, representative of the Bimbola Nutrition and Health Foundation Mr. Femi Akosile said: “We take this moment to appreciate Aliko Dangote Foundation for the provision of 10kg bags of rice for distribution to the less privileged and vulnerable groups.

“Your contribution has made a significant impact on our efforts to support those in need in our community. The rice has been distributed to families and individuals who are experiencing food insecurity. We want to sincerely say that your partnership and commitment to making a positive difference in our community are truly inspiring, and we are honored to have had the opportunity to work with you.”

Continue Reading

Business

How Aliko Dangote supported businesses in Nigeria-Sambajo

Published

on

 

President of the Dangote Group Aliko Dangote has been described as a rare gem and kind hearted industrialist for nurturing trading and commercial activities in North and across Nigeria for almost four decades.

Speaking when he visited the Dangote pavilion at the ongoing Kano International Trade Fair, Alhaji Salisu Sambajo, said: “ I can say confidently that Aliko has been supporting us for the past 40 years, and he has lifted us up when our businesses where going under.”

Mr. Sambajo is a Kano based international business tycoon, and chairman of the Sambajo General Enterprises Limited. He’s considered one of the biggest business names in northern Nigeria.

“Aliko’s support in growing commercial activities in the North and all over the nation cannot be quantified. The history of Nigeria’s commerce, and indeed of industrialization, cannot be completed without his name topping the list. It’s only God that can reward him,” he said.

The business mogul added: “I am telling you this confidently because I am one of the beneficiaries of his generosity. No one can deny his kindheartedness and support, and God is with such people.”

He recalled that Mr. Dangote had committed billions of naira through Bank of Industry for the development of small businesses in Nigeria, adding that the Fund was expected to create one million jobs.

The business mogul also recalled that Mr. Dangote had supported the Federal Government with billions of naira during the 2012 flooding in Nigeria.

“During the Covid-19 pandemic, we read it in the news that Aliko donated billions of naira. All these are coming from one person. Nigeria should be grateful to him,” he said.

He added that: “ Also remember that at the peak of the Boko Haram crisis, Aliko Dangote had donated a housing estate worth billions to the Internally Displaced persons in Borno State. I can go on and on. His interventions are so numerous.”

According to the businessman, “Aliko has since stopped working for himself. All he has been doing is to lift people out of poverty. I remember whenever we recorded losses, Aliko will lift us up again and again. I don’t want to go into specifics. He’s a very kind and generous person. He deserves all our respect and it’s a big honour that God created such a man in Nigeria.”

Mr. Sambajo said it is not for nothing that Mr. Dangote, is Nigeria’s biggest private sector employer.

The business mogul traced relationship with Mr. Dangote to over 40 years, adding that he has been a great philanthropist who has his country and Africa at heart.

Mr. Sambajo described the upcoming Dangote Refinery as a legacy project that will positively impact the country’s economy.

Dangote Group is the major sponsor of the ongoing 44th Kano International Trade Fair.

Continue Reading

Business

Airlines Opens

Published

on

Continue Reading

Trending