Q2 2024 Dangote Cement PLC Earnings Call Transcript
Key Points
- Dangote Cement PLC (NSA:DCP) reported a significant increase in group revenue by 85.1% to NGN1,760.1 billion.
- Group EBITDA saw a double-digit growth of 50.3% to NGN666.2 billion.
- The company paid NGN502.6 billion in dividends, reflecting a 50% increase in dividend per share.
- Nigerian volumes experienced a double-digit growth of 10.9%, supported by resumed construction projects and enhanced operational efficiency.
- The company is focusing on sustainability, with a thermal substitution rate increasing to 10.5% and significant advancements in alternative fuel initiatives.
- Currency devaluation remains a key challenge, with the Nigerian naira depreciating by 65.2% against the dollar.
- Inflation continued to rise, reaching 34.2% in June, impacting borrowing costs.
- Net debt increased by NGN394.4 billion to NGN915.7 billion, with a net gearing of 42%.
- The macroeconomic environment in Sub-Saharan Africa remains uncertain due to recent elections in Senegal and South Africa.
- High interest rates in Nigeria have increased the cost of borrowing, although Dangote Cement PLC (NSA:DCP) has mitigated this with long-term bonds.
Good day, ladies and gentlemen, and welcome to the Dangote Cement H1 2024 Investor Conference Call. (Operator Instructions) Please note that this event is being recorded. I would now like to hand the conference over to Temilade Aduroja. Please go ahead.
Good evening, good afternoon, everyone, and welcome to Dangote first half call. During the call today will be our GMD, Mr. Arvind Pathak and our Group CFO, Dr. Gbenga Fapohunda. There will be a question-and-answer session after the call. I will now hand over to our Group Managing Director. Thank you.
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Thank you, Temi. Good afternoon, everyone. Thank you very much for taking the time to join us today. I'm pleased to welcome you to this conference call to discuss Dangote Cements financial results, for H1 2024.
Let's start with an overview of our geographical process across Africa, as shown on page
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