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FG charges Dangote Cement tax of N173.93bn for 2021; paid N97.24 billion tax in 2020  

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Aliko Dangote

 

Dangote Cement Plc has sustained its position as a leading contributor to Nigeria’s economy with a tax charge of N173.93 billion for the financial year ended 31st December 2021. According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion in 2020.

Analysis of the cement company’s financial result for the review year indicated that Group sales volume 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.

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Dangote Cement recorded a gross profit of N538.37 billion and after-tax profit of N364.44 billion while earnings per share (EPS) rose to N21.24 from N16.14.  The directors have proposed a dividend of ₦20.00 per share.

Speaking on the results, Chief Executive Officer, Dangote Cement    Michel Puchercos said, “We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8 percent and Group EBITDA was up 43.2 percent, to ₦684.6 billion at a 49.5 percent margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32.0 percent.”

“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders,” he added.

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 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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Journalist Hit by Metal Debris from Ongoing Construction – Kano Govt

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Governor Abba Kabir Yusuf

 

The attention of Kano state government has been drawn to a one sided media report bya section of the media revealing that a journalist, with the state own Television station, attached to Government house was hit by a stray bullet.

The incident, which occurred amidst a flurry of misinformation, sparked widespread concern and speculation regarding the safety of journalists covering events at the government house.

However, the government will like to emphatically say that journalists are not under threat in Kano government house. It is however worthy of note to caution journalists to ensure credible source while reporting any development and avoid unnecessary sensational angle that can mislead the public.

For clarity purpose, Naziru Yau, the reporter of the state television station was not hit by any stray bullet.
Instead, he sustained injuries from the metal debris emanating from an ongoing construction at the Kano State Government House, an area that has been barricaded for caution.

The truth of the incident emerged when medical professionals at the government house clinic disclosed the true nature of Mr. Naziru’s injuries.

The journalist, Mr. Naziru, expressed gratitude for the prompt medical attention he received and thanked well-wishers for their concern during his recovery.

Let me emphasized the need for journalists to remain vigilant while carrying out their duties, especially in environments where construction activities pose potential hazards.

We thereby dispel any rumor that had sparked outrage and call for increased safety measures for journalists covering sensitive events.

We also need to underscores the importance of accurate reporting and thorough investigation in mitigating misinformation and maintaining public trust.

In response to the incident, Sanusi Bature the Director General Press at the Kano State Government House have assured the public of their commitment to ensuring the safety of all individuals within the premises and the state in general.

Additionally, have pledged to review and enhance existing safety protocols to prevent similar incidents in the future.

As investigations continue into the circumstances surrounding the incident, we urge the public to refrain from spreading unsubstantiated claims and to rely on verified information from credible sources.

 

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Journalist Hit by Stray Bullet at Kano Government House

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A stray bullet has struck a journalist from Abubakar Rimi Television, who was serving at Kano Government House.

The journalist, Naziru Idris Yau, confirmed the incident to NIGERIAN TRACKER. He recounted that while they were waiting after a function with some of his colleagues, chatting close to their usual gathering spot at the last Government House gate, he was hit by the bullet.

After an examination at the Government House clinic, the ARTV journalist confirmed to NIGERIAN TRACKER that he is hale and hearty, evident even from his voice.

No security agency or Government House public relations department has yet commented on the incident as of the time of filing this report or the origin of the bullet.

The incident occurred amidst the celebration of World Press Freedom Day, which is observed every 3rd of May by the United Nations.

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End of an era: Reader’s Digest UK closes after 86 years

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Reader’s Digest UK has ceased operations after 86 years of publication. The monthly magazine, known for its health tips, financial advice, and recipes, closed due to the “unforgiving magazine publishing landscape” and the company’s inability to withstand the financial pressures.Once a market leader with a circulation of over 1 million copies per month in the UK in 2000, the publication’s readership had declined sharply in subsequent years, dropping to under 200,000 copies recently.The closure marks the end of an era for the iconic magazine, which was founded in the US in 1922 and first published in the UK in 1938.The editor-in-chief cited the “relentless change” in the media industry and the need for companies to “continuously seek out and implement innovations” to survive.The closure of Reader’s Digest UK serves as a cautionary tale about the importance of adaptability in the face of a rapidly evolving landscape.

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