In a significant move towards environmental sustainability and in alignment with the Federal Government’s agenda, Dangote Cement Plc has announced plans to transition thousands of its delivery trucks to run on Compressed Natural Gas (CNG). This decision, unveiled during the company’s 15th Annual General Meeting (AGM) held in Lagos, reflects Dangote’s commitment to reducing dependence on fossil fuels and contributing to Nigeria’s more secure energy future.
Addressing shareholders, the Chairman of Dangote Cement Plc highlighted the company’s proactive approach to aligning with government policies, particularly the Renewed Hope Agenda spearheaded by President Bola Tinubu. He underscored the company’s intention to invest significantly in transitioning its fleet of trucks to CNG propulsion by the end of the next year, emphasizing Dangote’s dedication to meeting shareholders’ expectations.
Furthermore, the Chairman updated the company’s operational expansion efforts, including constructing a new plant in Itori, Ogun State, with a 6 million metric tonnes capacity per annum. Despite challenges at the Apapa Port in Lagos, he reassured shareholders that the plant’s construction would be completed on schedule.
The AGM also showcased Dangote Cement’s impressive financial performance, with double-digit revenue growth reaching N2,208.1 billion and Group EBITDA reaching a record high of N886.1 billion, marking a 25.1% increase. The Chairman attributed this stellar performance to robust cost control measures and the company’s diverse pan-African operations, which now contribute 41.2% to overall volumes.
Highlighting the company’s expansion initiatives, the Chairman announced the successful launch of operations at a new grinding plant in Ghana and the nearing completion of a 1.5Mta grinding plant in Côte d’Ivoire. Additionally, construction has commenced on the 6Mta Itori plant in Ogun State, a strategic move to support ambitious export goals.
The 2023 financial results demonstrated across-the-board improvement for Africa’s largest cement manufacturer, with group revenue rising by 36.4% to N2,208.1 billion and Profit after tax (PAT) increasing by 19.2% to N455.6 billion. These results underscore Dangote Cement’s strong performance and ongoing commitment to delivering value to shareholders while advancing sustainable business practices.
