Cement empire of Africa’s richest man posts $2.4 billion in 2024 revenue.
- Dangote Cement’s revenue hit $2.4 billion in 2024, up 62% from $1.47 billion in 2023, driven by strong Nigerian and Pan-African sales.
- The company posted a $335.75 million profit despite increased expenses, though Pan-African operations reported a $16.3 million loss.
- Dangote Cement proposed a N30 ($0.02) per share dividend for 2024, maintaining payouts while total assets grew to $4.27 billion.
Dangote Cement Plc, the multinational cement giant majority-owned by Africa’s richest man, Aliko Dangote, posted strong financial results for its 2024 fiscal year, with revenue surging to $2.4 billion. This reinforces its position as the leading cement producer on the continent.
According to its recently published financial statement, revenue jumped 62 percent from N2.21 trillion ($1.47 billion) in 2023 to N3.58 trillion ($2.4 billion) in 2024. The growth was driven by higher sales in both its Nigerian and Pan-African operations.
Dangote Cement reports $335.75 million profit gain
Revenue from its Nigerian unit rose from N1.29 trillion ($860.6 million) to N2.19 trillion ($1.46 billion), helped by higher cement prices. Meanwhile, its Pan-African operations saw revenue climb from N925.9 billion ($617.7 million) to N1.48 trillion ($987.4 million), boosted by foreign exchange translation gains following the naira’s devaluation.
Despite increased administrative, selling, and distribution expenses, along with finance costs totaling N700.3 billion ($467.2 million), the company’s profit rose from N455.58 billion ($303.9 million) in 2023 to N503.25 billion ($335.75 million) in 2024. However, while its Nigerian operations remained profitable, its Pan-African business posted a loss of N24.37 billion ($16.3 million).
Source: BILLIONAIREAFRICA
