Dangote Group

Dangote Cement Plc. onTuesday reported a 16 per cent surge in revenue for 2020, culminating in its biggest annual sales yet.

This is according to company’s financial statement released on Tuesday.

It’s total sales came to N1.034 trillion, N142.525 billion higher than 2019 figures.

Profit before tax rose by 49 per cent, from N250.479 billion to N373.310 billion.

Profit for the year advanced from N200.521 billion to N276.068 billion, translating to a 37.7 per cent jump. That lifted earnings per share from N11.79 to N16.14.

Earnings were limited by a N188 million provision for impaired asset as well as a surge in income tax expense from N49.958 billion to N97.242 billion, implying a 94.6 per cent growth.

Shareholders fund dipped 0.8 per cent from N897.937 billion to N890.970 billion, following Dangote Cement’s buyback of 40.2 million units of its shares in December at the cost of N9.8 billion.

The company’s board on Friday proposed a N16 per share dividend totalling N272.648 billion for shareholders for 2020, the same amount it has paid shareholders every year in the past three years.

“I am delighted to report that Dangote Cement experienced its strongest year in terms of EBITDA and strongest year in terms of volumes. Despite a challenging environment, Group volumes for the year were up per cent and Group EBITDA was up 20.9 per cent,” Mr Puchercos said