The Dangote Group, according to its President, Aliko Dangote, has recorded some ₦891.7 billion ($2,312,167,399.60) as revenue for its 2019 financial year.
The business mogul made the disclosure to shareholders at the Group’s 11th Annual General Meeting in Lagos.
The year 2019 was a strong year given the tough business environment across most of our operating geographics (Nigeria, Ethiopia, Senegal and South Africa). But despite the tough business environment, the group recorded increment in production volumes to 23.7 million metric tons, consequently resulting in revenues of ₦891.7 billion, he said.
We recorded a strong EBITDA (earnings before interests, taxes, depreciation and amortisation) margin of 44.3 percent. As a result of this performance, the Board has recommended for your approval [shareholders] a dividend of ₦16.00 per ordinary 50 kobo share, he further noted.
Speaking on the local Nigerian operations, Mr Dangote said: Nigeria’s cement market grew slightly in 2019. We estimate that total market consumption was up between 2 per cent – 3 per cent on the 20.7Mt estimated in 2018.
Mr Dangote explained that the modest performance of the Group was in spite of the fact that the market generally was impacted negatively by disruptions related to the 2019 election cycles, heavy rains and the loss in land export volumes due to the Nigerian border closure.