The Chairman of Dangote Cement Plc, Aliko Dangote, has promised shareholders and other stakeholders, higher returns by leveraging on strategic innovations for the continuous growth of their investments.
He said this at the 14th annual general meeting of the company in Lagos.
Dangote said that the prospects for the cement company remained bright.
He said, “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders. Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality.
“We will continue to contribute to improving regional trade within Africa by building plants across West and Central Africa, guided by our vision of making the region cement and clinker self-sufficient. In addition, we aim to deliver higher returns and value to our shareholders.”
The chairman said despite the challenging macroeconomic environment in 2022, the company still made great strides, and remains Africa’s largest and leading cement producer.
In 2022, he said, the company implemented robust cost-reduction strategies to manage the inflationary environment, and enhanced its competitiveness while maintaining high levels of product quality and customer service delivery.
He said, “In addition, we achieved giant strides in transitioning to cleaner energy, with our cost containment initiative propelling the use of alternative fuel to replace more expensive fossil fuels, such as coal and gas.
“We also increased the use of compressed natural gas for our trucks due to the rising diesel cost environment.
“These efforts have helped us reduce our cost base and enhanced our flexibility, enabling the company to respond more effectively to changes in the market.”
He added that, “As a result, we recorded revenue and EBITDA growth of 17.0 per cent and 3.5 per cent from the prior year respectively, albeit under unprecedented inflationary pressure. We also achieved a profit after tax of N382.3bn, up 4.9 per cent compared to 2021.”
Analysing the 2022 year-end result, Dangote explained that the company achieved its highest revenue and earnings before interest, taxes, depreciation, and amortisation in history at N1.62tn and N708.2bn, respectively.