Dangote Cement PLC, BUA Cement PLC and Lafarge Africa saw their combined profit before tax increase by 61.90% in the first half of 2021, analysis of their unaudited financial statement has shown.
These three cement producing companies posted a total ore-tax profit of N237.60bn in H1 2021, up from N146.76bn in H1 of the previous year.
Dangote Cement in its unaudited results on Friday, grew its profit before tax by 102.30% yearly to N152.15bn from N74.79bn in H1 2020.
The pre-tax audit reported the revenue of N690.55bn in H1 2021, up 44.81% from N478.85bn in the corresponding period.
Dangote said the Nigeria’s cement market remained robust and resilient in H1 2021.
The report added that “Cement demand is sustained by increasing housing infrastructure, commercial construction and government projects including major highways, roads and railways”
The Chief Executive Officer of Dangote Cement, Michael Puchercos said, “We are pleased to report a solid set of the result for the first half of the year. Our performance reflects the strong demand across the group with increase in revenue and profitability compared to the same period last year.”
He said the performances was magnified by the lower Q2 of 2020 results due to the effect of COVID-19.
Puchercos further added “the growth trend continues and we are focused on meeting the strong market demand across all our countries of operation.”
Khaled El Dokani, CEO, Lafarge Africa has also in a statement disclosed the profits of the company.
He explained “Our resilient performance in Q2, 2021, with net sales of an increase of 29.4% recurring earnings before interest and taxes which increased by 11.1% and net income of +25.7% compared to last year.”
Dokani said “we are equally pleased with the progress we are making on sustainability, our use of affordable clean energy and our agroecology footprint is following the acceleration of our net-zero pledge.”
BUA Cement grew its profit before tax to N49.70bn, representing an increase of 24.27%. Its revenue increased by 22.73% from N101.26bn in H1 2020 to N124.28bn in H1 2021.