Dangote Cement To Pay Nigerian Govt ₦174bn As 2021 Revenue Hits ₦993bn

Dangote Cement Plc is expected to pay the sum of N173.93 billion as tax to the Nigerian government for the year 2021.

As revealed in the company’s 2021 financial year audit reports, its sales volume stood at 18.61Mt, against the 10.86Mt reported in other African operations, for Full Year 2021.

Dangote Cement maintained its position as one of the highest private sector contributors to Nigeria’s economy, Naija News reports.

According to the cement group’s audited results released on the portal of the Nigerian Exchange Ltd (NGX), the tax charge represents an increase of 78.7 per cent over N97.24 billion in 2020.

The company’s current financial record shows it recorded a sales volume of 29.3Mt, taking its revenue for last year to ₦1,383.6 billion, in contrast to the ₦1,034.20 billion generated in 2020.

A breakdown of Dangote Cement’s Financial Statements for 2021 disclosed Nigerian market contributed N993.34 billion, with other African plants generating a combined N397.32 billion.

Last year’s revenue surpassed the N719.95 billion generated from the Nigerian consumers and was above the N318.68 billion revenue reported from other African operations.

Currently aside from Nigeria, Dangote Cement operates in Senegal, Sierra Leone, Ghana, Cameroon, the Republic of Congo, Ethiopia, South Africa, Zambia, Tanzania, Kenya and Zimbabwe.

As a result of the growth in its revenue generation in Nigeria, Dangote Cement’s tax paid to the Federal Government grew by 78.7 per cent to N173.93 billion in 2021, higher than the N97.24 billion paid to the Nigerian government in 2020.

The company’s Chief Executive Officer, Michel Puchercos while speaking on the firm’s financial report said the firm is pleased to report a solid set of results for the full year 2021.

“Group volumes for the year were up 13.8 per cent and Group EBITDA was up 43.2 per cent, to ₦684.6 billion at a 49.5 peper certain. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4 billion up 32.0 per cent.”