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APPOINTMENT OF ACTING COMPANY SECRETARY/GENERAL COUNSEL OF DANGOTE CEMENT PLC

November 22, 2022
Lagos, Nigeria

APPOINTMENT OF ACTING COMPANY SECRETARY/GENERAL COUNSEL OF DANGOTE CEMENT PLC

Dangote Cement Plc. is pleased to announce the appointment of Mr. Edward Imoedemhe as the Acting Company Secretary/General Counsel of Dangote Cement Plc., effective November 21, 2022. The appointment follows the exit of the erstwhile Company Secretary/General Counsel, Mr. Mahmud Kazaure.

Mr. Edward Imoedemhe was the Deputy Company Secretary/Legal Adviser of Dangote Cement Plc (DCP), a position he has held since June 29, 2018, until his recent appointment. He joined SCP in May 2013 and has recorded over 24 years of post-call experience.

He has a Master’s degree in Maritime and Commercial Law Practice. He is a Chartered Secretary, Chartered Arbitrator, and member of Society of Corporate Governance. His experience as a company secretary/head legal spans corporate and company secretarial practice, administration of corporate affairs, contract management and international commercial transaction, and dispute resolution/litigation in the telecommunications, oil & gas and shipping sectors, among others.

For: DANGOTE CEMENT PLC
Signed
Michel Puchercos
GMD/CEO, Dangote Cement Plc

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PRESS RELEASE

Notice of Extra-Ordinary General Meeting

THE FEDERAL REPUBLIC OF NIGERIA
THE COMPANIES AND ALLIED MATTERS ACT 2020
COMPANY LIMITED BY SHARES

NOTICE OF EXTRAORDINARY GENERAL MEETING

NOTICE IS HEREBY GIVEN to every member of Dangote Cement PLC (the “Company”), in accordance with Section 239 (1) and 243 (1) of the Companies and Allied Matters Act 2020 (as amended), that the Extraordinary General Meeting (“EGM”) of the Company will be held at Zinna Hall, Eko Hotel and Suites, Plot 1415 Adetokunbo Ademola Street, Victoria Island, Lagos, Nigeria on Tuesday, the 13th day of December 2022 at 11:00 am (WAT) prompt, for the purpose of transacting the following:

SPECIAL BUSINESS

1. To consider and if thought fit, pass the following sub-joined resolutions as a Special Resolution of the Company:

(a) That, the Company be and is hereby authorized to undertake a share buy back of up to 10% of its issued shares as of the date of this resolution (excluding any treasury shares in the Company’s share capital), on such terms and conditions, in such volumes and at such times as the Board of Directors (“Board”) deems fit, provided that the authority granted herein shall continue to be in force until the Company has acquired up to an aggregate 10%  of its issued shares as stated above.

(b)That, unless otherwise required under applicable laws and regulations or directed by the appropriate regulatory authorities, the Company may cancel such number of issued shares repurchased pursuant to the share buy back or otherwise held by the Company in its issued share capital, as confirmed by the Company’s registrar, and to diminish the amounts of its share capital by the amount of the shares so cancelled, in accordance with all applicable laws and regulations.

(c) That, the Memorandum and Articles of Association of the Company be amended (as applicable), upon completion of the share buy back, to reflect the Company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the Company.

(d) That, the Board be and is hereby authorised to do all such acts and deeds as well as take all such steps (including but not limited to executing such agreements and documents, appoint professional advisers and other parties, complying with directives of any regulatory authority) which may be incidental, ancillary, supplemental, or otherwise necessary to give full effect to the above resolutions and for the aforesaid purpose, on behalf of the Company.

EXPLANATORY NOTE

Pursuant to Section 184 of the Companies and Allied Matters Act, 2020 (“CAMA”) and Rule 398 of the Securities and Exchange Commission Consolidated Rules and Regulations, 2013 (as amended) (“SEC Rules”), the Company intends to undergo a Share Buy Back Programme in respect of up to 10% of its issued shares (excluding the treasury shares) (the “Programme”), which is in line with the Company’s corporate strategy to, inter alia, improve the Company’s Return on Equity and shareholder value in order to facilitate future long term growth. The relevant shares will be repurchased out of the profits of the Company and any such number of shares bought under the Programme may be held by the Company as treasury shares in accordance with the provisions of CAMA, which must not be more than 15% of the Company’s issued share capital, or be cancelled in accordance with the SEC Rules and the Nigerian Exchange Limited’s Rulebook 2015 (“NGX Rulebook”), subject to complying with the procedure set out in CAMA, which will consequently lead to a reduction in issued share capital.

In light of the above, the Company has convened an EGM to consider, and if thought fit, approve the Programme and all matters incidental thereto.

The Explanatory Statement on the Share Buy Back Programme dated November 18, 2022, which contains all information reasonably necessary to enable each shareholder make an informed decision on whether to vote for or against the Programme is enclosed with this notice of meeting. A member entitled to attend the meeting who does not receive a copy of the Explanatory Statement within 14 days of the date of this notice can obtain copies of same at the office of the Company’s Registrars, Coronation Registrars Limited, at Plot 009, Amodu Ojikutu Street, off Adeola Odeku Street, Victoria Island, Lagos

 

In accordance with Rule 13.18(f) of the NGX Rulebook, the Explanatory Statement is also available on the Company’s website. To access the Explanatory Statement, kindly copy this link -http://www.dangotecement.com/investor-relations/ unto a secure internet browser.

By Order of the Board of Directors.

Edward Imoedemhe
(Deputy Company Secretary)
FRC/2021/002/00000022594

 

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Dangote Cement Plc Announces Unaudited Results For Nine Months Ended 30th September 2022

Group revenue up 15.2% at ₦1,177.3B      

Nigeria EBITDA up 4.5% at ₦479.9B, despite heightened inflation

Significant increase in energy and distribution cost

 

Lagos, 28th October 2022: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces unaudited results for the nine months ended 30th September 2022.

Financial Highlights

  • Group revenue up 15.2% to ₦1,177.3B
  • Group EBITDA up 0.2% to ₦515.9B; 43.8% margin
  • Nigeria EBITDA up 4.5% to ₦479.9B; 53.9% margin
  • Profit after tax down 23.4% to ₦213.1B; mainly due to exchange losses from the depreciation in the CFA and Ghana Cede
  • Net debt of ₦466.8B; net gearing of 55.7%

Operating Highlights

  • Group sales volumes down 6.2% to 20.8Mt
  • Nigeria volumes down 4.7% to 13.5Mt
  • The National Consumer Promotion improved market share in the quarter
  • Okpella power plant commissioned in August

ESG Highlight 

  • Co-processed 102Kt of waste YTD, a 77% increase over 2021
  • Thermal substitution rate is estimated at 3.8% as at 9M 2021 vs. 2.3% in 2021.
  •  

Michel Puchercos, Group Chief Executive Officer, said:

Despite the elevated inflation due to a very volatile global environment, we have made strides in 2022. We recorded increases in revenue and EBITDA that drove strong cash generation across the Group. We recorded revenue of ₦1,177.3B, up 15.2% compared to last year and Group EBITDA of ₦515.9B, up 0.2% with an EBITDA margin of 43.8%.  

To mitigate the impact of significant increase in energy and AGO costs, we are strengthening our efforts to ramp up the usage of alternative fuels. So far this year, we co-processed 101,553 tonnes of waste representing a 77% increase over 9M 2021. We are on track to commission our Alternative Fuel feed system at Obajana lines I and V; and Ibese line II in November. In addition, we are ramping up our investment in Compressed Natural Gas (CNG), to reduce our AGO usage.

To drive consumer engagement and support demand during the rainy season; we commenced the 3rd season of our National Consumer Promotion – “Bag of Goodies 3”. So far, the National Consumer Promotion has made 190 millionaires and multimillionaires across all States in Nigeria. On the operational side, we have commissioned our power plant at Okpella and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire.

Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Our continuous focus on efficiency, meeting market demand and maintaining our costs leadership drives our ability to consistently deliver value to all shareholders.

About Dangote Cement

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 35.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; our Gboko plant in Benue state has 4Mta; and our Okpella plant in Edo state has 3Mta. Through our recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.         

In addition, we have operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).     

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Update on Obajana Cement Plant

October 18, 2022
Lagos, Nigeria

Update on Obajana Cement Plant

Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, wishes to notify stakeholders that our 16.25Mt Obajana Cement plant re-opened on Friday, 7 October, 2022, with suboptimal operations.

It became fully operational from Friday, 14 October, 2022, when the Federal Government ordered the full re-opening of the plant. Production at the Obajana Cement plant is now running at optimal levels.

The dispute between the two parties, Dangote Industries Limited and Kogi State Government is being resolved.

We extend our appreciation to all our shareholders and stakeholders who have remained patient with us throughout this incident. We remain committed to promoting inclusive economic growth while supporting the development of communities in which we operate.

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OBAJANA CEMENT PLANT: SEPARATING FACTS FROM FICTION

October 12, 2022
Lagos, Nigeria

OBAJANA CEMENT PLANT: SEPARATING FACTS FROM FICTION

Click here to download our official Statement on Dangote Cement Plant,  Obajana

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Obajana Cement Plant Shutdown

October 6, 2022
Lagos, Nigeria

Obajana Cement Plant Shutdown

Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, wishes to enlighten stakeholders and the public on the recent shutdown at our Obajana Cement plant in Kogi State. On Wednesday, 5 October 2022, thugs and local vigilantes from the State Government invaded and sealed the Obajana Cement plant over alleged claims of unpaid taxes and Kogi State Government purported equity interest in Dangote Cement PLC. This development led to several of our staff being harmed by these thugs and local vigilantes.

While we reassure stakeholders and the public that we are taking firm action to address this situation, we reiterate that Dangote Cement PLC continues to perform its obligations as a compliant corporate organization.

The welfare of our staff remains our key focus as we work hard to minimise the further impact on our people and operations. However, we remain resolute in transforming Africa while creating sustainable value for our people, communities, investors and customers.

Enquiries: InvestorRelationsDangoteCement@dangote.com

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DANGOTE CEMENT COMPLETES ISSUANCE OF N116B SERIES 2 FIXED RATE SENIOR UNSECURED BOND

May 4, 2022
Lagos, Nigeria

DANGOTE CEMENT COMPLETES ISSUANCE OF N116B SERIES 2 FIXED RATE SENIOR UNSECURED BOND

Dangote Cement PLC (“Dangote Cement” or the “Company”), Sub-Saharan Africa’s largest cement producer, is pleased to announce the successful completion of its ₦116Billion Series 2 Bond issuance (the “Bond Issuance”), which is the largest corporate bond issuance in the history of the Nigerian Capital Markets.

The Bond Issuance, which is the second issuance under the Company’s ₦300Billion Multi-Instrument Issuance Programme, attracted participation from a wide array of institutional investors including pension funds, asset managers, banks, insurance companies and high net-worth individuals. The Bond Issuance comprised three tranches: a 5-year Tranche A issuance priced at 11.85%, a 7-year Tranche B issuance priced at 12.35%, and a 10-year Tranche C issuance priced at 13.00%. The proceeds of the Bond Issuance will be used to finance the Company’s Nigeria expansion projects, short-term debt refinancing and working capital requirements.

Stanbic IBTC Capital acted as Lead Issuing House/Bookrunner to the Bond Issuance, whilst Absa Capital Markets, Meristem Capital, Standard Chartered, United Capital, Coronation Merchant Bank, Ecobank Development Company, FBNQuest Merchant Bank, FCMB Capital Markets, Futureview Financial Services, Vetiva Capital, Quantum Zenith Capital and Rand Merchant Bank Nigeria acted as Joint Issuing Houses.

Commenting on the Bond Issuance, Mr Michel Puchercos, Group Managing Director of Dangote Cement, said:

Dangote Cement is delighted to have successfully undertaken a second issuance under our Multi-Instrument Issuance Programme which was launched last year, and even more delighted to have concluded the most significant corporate bond issuance in the history of the Nigerian Debt Capital Markets. This landmark transaction would fund our expansion projects and further support the implementation of our export strategy. I want to thank our stakeholders and investor community for their strong participation in another Bond issuance with the Company.”

The Bond notes will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange.

Enquiries: InvestorRelationsDangoteCement@dangote.com

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PRESS RELEASE

Dangote Cement Plc Audited Result for Year Ended 31 December 2021

Audited results for the year ended 31st December 2021
  • Another record result with double digit growth across board
  • Robust profit after tax up 32.0% at ₦364.4B
  • Proposed dividend of ₦20.00 per share
  • CDP climate rating upgrade

Lagos, 28th February 2022: Dangote Cement PLC (DANGCEM-NL), Africa’s largest cement producer, announces audited results for the financial year ended 31st December 2021.

Financial highlights

  • Group revenue up 33.8% to ₦1,383.6B
  • Record group EBITDA up 43.2% to ₦684.6; 49.5% margin
  • Strong Pan-Africa EBITDA of ₦88.8B, up 24.6%; 22.4% margin
  • Record earnings per share up 31.6% to ₦21.24
  • Proposed dividend of ₦20.00 per share
  • Net debt of ₦225.1B; net debt/EBITDA of 0.33x

Operating highlights 

  • Group sales volumes up by 13.8% to 29.3 million tonnes
  • Total Nigerian volumes up 16.8% to 18.6Mt; domestic volumes up 13.6% at 17.7Mt
  • Pan-African volumes up 8.7% at 10.9 million tonnes
  • 3Mta Okpella plant ramp up is on track

ESG highlights 

  • CDP climate rating upgraded to B- for our commitment to climate change
  • Co-processed 89Kt of waste in 2021, an increase of 60% over 2020

Share buyback

  • In January 2022, Dangote Cement successfully completed tranche II of the share buyback programme; repurchasing 0.74% of shares outstanding

Michel Puchercos, Chief Executive Officer, said:

“We are pleased to report a solid set of the results for the full year 2021. Group volumes for the year were up 13.8% and Group EBITDA was up 43.2%, at a 49.5% margin. I am delighted to report that Dangote Cement experienced its strongest year across all line items, with a record PAT of ₦364.4B up 32.0%.

During the year, CDP raised Dangote Cement’s rating to B- for the Company’s commitment to climate change. The CDP rating upgrade clearly illustrates the progress made by Dangote Cement regarding our commitment to transparency and mitigating our CO2 footprint.

Over the last 2 years, we have finalised the deployment of 6 million tonnes new capacity in Nigeria. Looking ahead, we are now focused on a less capital-intensive expansion cycle, which includes building grinding plants across West and Central Africa to leverage and strengthen Dangote Cement’s regional integration. We are on track to deploy grinding capacity in Cote d’Ivoire and Ghana. In addition, our Alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. This year, we co-processed 89,000 tonnes of waste representing a 60% increase over 2020.

Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Due to an increased focus on efficiency while meeting double-digit market growth and maintaining costs under control, Dangote Cement has and will consistently deliver superior profitability and returns to its shareholders.”

About Dangote Cement 

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 35.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; our Gboko plant in Benue state has 4Mta; and our Okpella plant in Edo state has 3Mta. Through our recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.

In addition, we have operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

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SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMPLETION OF TRANCHE II

January 26, 2021
Lagos, Nigeria

SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMPLETION OF TRANCHE II

Dangote Cement Plc (“DCP” or the “Company”) hereby announces the completion of the second tranche (“Tranche II”) of its share buy-back programme which was announced on 12 January 2022. Relevant details of this Tranche II are set forth below:

Commencement Date:Wednesday, 19 January 2022
Completion Date:Thursday, 20 January 2022
Mode:Open Market on Nigerian Exchange Limited
Total Number of Shares Repurchased:126,748,153 representing 0.74% of the Company’s issued and fully paid ordinary shares
Total Value of Shares Repurchased: N35,095,387,044.59
Average Price:N276.89

Following the conclusion of Tranche II, the total number of residuals issued and fully paid outstanding shares of DCP amounts to 16,873,559,251. The repurchased shares will be held as treasury shares and may subsequently be cancelled.

Execution of this Tranche II did not have any material impact on the Company’s financial position.

For more information, please contact:
Temilade Aduroja
Head, Investor Relations
InvestorRelationsDangoteCement@dangote.com

For: DANGOTE CEMENT PLC

Edward Imoedemhe
Deputy Company Secretary

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SHARE BUYBACK PROGRAMME – COMMENCEMENT OF TRANCHE II

January 12, 2021
Lagos, Nigeria

SHARE BUYBACK PROGRAMME – COMMENCEMENT OF TRANCHE II

Dangote Cement Plc (“Dangote Cement” or “DCP” or the “Company”) hereby announces the commencement of the second tranche of its share buyback programme (“Tranche II”).

Tranche II will be executed under the approval granted by the Company’s shareholders at the Annual General Meeting of DCP, which was held on 26 May 2021, within the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations (as applicable) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Exchange Limited (“NGX”). Based on the aforementioned shareholders’ approval, the number of shares to be repurchased under the Share Buy-Back Programme will not exceed 10% of DCP’s issued capital.

The Programme is being effected in tranches, with Tranche II being executed by the appointed stockbrokers on the Company’s behalf. Relevant details of this Tranche II are set forth below:

Tranche Number: Tranche II
Current Issued
Shares*:
17,040,507,404 fully paid-up ordinary shares of 50 Kobo each
Tranche Size:Up to 170,003,074 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the currently issued
shares, less treasury shares
Commencement
Date:
Wednesday, 19 January 2022
Completion Date:Thursday, 20 January 2022, or when the entire Tranche
Size has been purchased; whichever is earlier
Mode/Exchange:Open Market on the Nigerian Exchange Limited
Stockbrokers: Meristem Stockbrokers Limited and Vetiva Securities Limited
*This includes 40,200,000 shares held as treasury shares, following the conclusion of Tranche I of the Share Buyback Programme

Through its appointed Stockbrokers, the Company will, at its discretion, purchase DCP’s shares in the open market over the duration of Tranche II, subject to prevailing market conditions and under the current daily trading rules of the NGX.
DCP would however not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche II.

The shares being repurchased by the Company under the Share Buy-Back Programme will be held as treasury shares and may subsequently be cancelled. Execution of this Tranche II is not expected to have any material impact on the Company’s financial position.

Dangote Cement shareholders seeking to participate in Tranche II of the Share Buyback Programme are hereby advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on the submission of trades on the NGX’s trading platform. DCP will provide weekly updates on the progress of Tranche II of the Programme on its website over the duration of this tranche.

The Company will continue to monitor the evolving business environment and market conditions in making decisions on further tranches of the Share Buy-Back Programme.

Shareholders and investors are advised to exercise caution when dealing in the securities of Dangote Cement until the completion of Tranche II of the Share BuyBack Programme. An announcement will be published upon completion of Tranche II of the Programme.

For more information, please contact:
Temilade Aduroja
Head, Investor Relations
InvestorRelationsDangoteCement@dangote.com

Signed:

Edward Imoedemhe
Deputy Company Secretary

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