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Dangote Cement’s commitment to climate change yields dividend

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Dangote Cement’s commitment to environmental disclosures and sustainability is yielding the desired results with Carbon Disclosure Project (CDP) raising its rating from C to B- even as it proposes a dividend of N20 per share for the year ended December 31,2021.

The CDP is an international non-profit organization based in the United Kingdom which runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

CDP explained that it raised the rating as a result of the Company’s commitment to climate change. The upgrade clearly illustrates the progress made by Dangote Cement regarding commitment to transparency and mitigating its carbon dioxide footprint. This is one of the highest ratings in Sub-Saharan Africa and the only Nigeria company rated by CDP.

Chief Executive Officer of Dangote Cement Plc, Michel Puchercos, in his response to the development said: “We are pleased to be recognised for the progress that we are making in our environmental disclosures and sustainability. The CDP rating upgrade clearly illustrates the steps that Dangote Cement is taking in its commitment to transparency on climate and environmental issues.

According to him, the cement company is focused on making a positive difference, which is “why sustainability is at the core of every part of our business. In addition, our Alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. This year, we co-processed 89,000 tons of waste representing a 60% increase over 2020.”

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He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability and best practices.  We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders.  Transparency and consistency are at the core of every part our business culture”

In its financials for full year ended December 31, 2021, Group sales volume for Dangote Cement stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries did 10.86Mt.

Group revenue was N1,383.6 billion for the full year, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, in contrast to the group revenue of N1,034.20 billion in 2020 which constituted of N719.95 billion from Nigeria and N318.68 billion from other African operations. Dangote Cement recorded a gross profit of N538.37 billion and after-tax profit of N364.44 billion. The directors have proposed a dividend of ₦20.00 per share.

Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in continuing efforts to modernize and enhance transparency of, and access to, companies’ disclosures.

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

 

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Member APC Working Committee Urges Public Not To Bow to NNPP’s Blackmail Over APC National Chairman

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Bashir Mai Sango with APC national chairman Dr Abdullahi Umar Ganduje

 

A member of the APC working committee in Kano Bashir Mai Sango urges the general public not to succumb to blackmail by certain sponsored elements seeking to discredit the APC national chairman, Dr. Abdullahi Umar Ganduje.

In a statement issued to newsmen Bashir Mai Sango, it was highlighted that the sponsored elements, bent on blackmailing the APC chairman, aim to destabilize the APC-led federal Government of President Bola Ahmad Tinubu, who, in his almost eleven months in office, has been striving to rectify the economy.

Bashir Maisango who is also the assistant secretary of Kano APC emphasized that these individuals are also apprehensive about the political acumen and successes of the APC national chairman, Dr. Abdullahi Umar Ganduje, who tirelessly collaborates with the President to strengthen the APC and position it as a formidable party in future general elections.

Bashir emphasized the importance of recognizing that the NNPP government, along with its agents in Kano and in collaboration with certain disgruntled elements, are working to divide party stalwarts at both the federal and state levels. They are doing so by sponsoring retrogressive elements to launch a campaign of defamation against the National chairman of the APC through court orders and by financing certain members to blackmail the chairman and the APC leadership.

The member Kano working committee further urged the National working committee of the APC, the people of Kano, and all other critical stakeholders not to yield to blackmail from the NNPP government and its propaganda machinery.

He mentioned that the NNPP government, led by Kwankwaso’s puppet, Governor Abba Kabir Yusuf, is doing so to appease his master instead of focusing on governance, as his failures are becoming increasingly evident.

The NNPP government aims to divert attention and ensure the innocent into its fold because the APC national chairman is their nightmare.

He said the national chairman, Dr. Abdullahi Umar Ganduje, has made significant strides in repositioning the party by establishing a progressive institute which underway . This institute is designed to consolidate robust political ideas for progressive politics, a feat never achieved before since the formation of APC in 2013.

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Dangote crashes Diesel price to N1,000 per litre

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In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country

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KEDCO to Invest ₦1.2bn in Network Expansion

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Kano Electricity Distribution Company (KEDCO) said it has concluded plans to invest ₦1.2billion Naira in network expansion and improvement in power supply to the famous Dawanau International Grains Market, in Kano.

Network expansion and power generation are some of the Company’s major plans to improve power supply in an accelerated fashion, especially in areas such as Dawanau International Grains Market, being the largest in Sub-Saharan Africa, with numerous cottage industries.

The Company is prioritising the Dawanau project amongst a string of similar projects due to its current dilapidated network leaving the area underserved, thus hindering the potential of the market as a catalyst for economic growth of Kano state and the northern part of Nigeria.

Commenting on the development, the Company’s Ag. Managing Director and CEO, Abubakar Yusuf said, “We have engaged 3 reputable companies to actualise construction of 35KM of 33kV high tension (HT) line from Bichi Transmission Sub-station to Dawanau market, installation of 2Nos 500KVA 33/.415 transformers, and low tension (LT) lines to serve the area and environs at the cost of ₦1.2bn.

He added that “the project is aimed at improving quality and efficiency of power supply to industrial and commercial clusters in the grain market, which is equally in line with our vision to enable re-industrialization and economic empowerment within our franchise states”.

In his remarks, the Company’s Chief Technical Officer, Engr. Inuwa Bala Daneji said, “Upon completion of the project, we forecast an increase in energy offtake by 200% and an equivalent growth in revenue for KEDCO”.

On takeover in November 2023, the new core investor (Future Energies Africa) immediately embarked on network rehabilitation and expansion aimed at improving access to quality and reliable power supply for the socio-economic growth of KEDCO’s tri-state of operation.

In a statement signed by the head corporate communications Sani Bala said While these initiatives will further strengthen the existing relationship among stakeholders and explore other business opportunities within the same space and beyond, the investors remain unrelenting in the same trend across the franchise area.

 

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