Cement empire of Africa’s richest man posts $2.4 billion in 2024 revenue

Key Points

• 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).

Dangote Cement drives regional expansion

Dangote Cement, which is 86 percent owned by Aliko Dangote, has been a driving force in regional trade, supplying cement and clinker across multiple markets. The company has played a crucial role in shifting Nigeria from a cement importer to a leading exporter in Sub-Saharan Africa.

Beyond Nigeria, it operates in 10 other African countries, including South Africa, Senegal, Zambia, Ethiopia, Tanzania, Congo, Cameroon, Ghana, Sierra Leone, and Côte d’Ivoire. With an annual production capacity of 52 million tonnes, it remains one of the continent’s largest cement producers.

Dangote Cement’s steady growth benefits investors

Strong financial results have fueled significant growth. The company’s total assets rose from N3.94 trillion ($2.63 billion) in 2023 to N6.4 trillion ($4.27 billion) by the end of 2024. Total equity also increased, climbing from N1.69 trillion ($1.13 billion) to N2.12 trillion ($1.41 billion). However, retained earnings dipped slightly from N1.098 trillion ($732.5 million) to N1.027 trillion ($685.2 million).

In line with its commitment to rewarding shareholders, Dangote Cement’s board has proposed a dividend of N30 ($0.02) per share for the 2024 financial year, maintaining the same payout as in 2023. The company continues to balance shareholder returns with financial stability and strong cash flow management.