Issued: July 15, 2021
Dangote Cement reports its financial results using XBRL format with the IFRS taxonomy
Dangote Cement Plc (DANGCEM-NL), Africa’s largest cement producer, announces that its financial information has been made available to investors in eXtensible Business Reporting Language (XBRL) format using the IFRS taxonomy.
XBRL enables companies standardise the preparation, publishing, and exchange of financial information in a machine readable format. It is mainly used by publicly listed companies which are required to use it by law, such as companies listed in the USA, Europe and South Africa.
Dangote Cement becomes the first Nigerian listed company to report its financial results using IFRS taxonomy. Data contained in the Q3 2020, Full Year 2020 and Q1 2021 financial statements are now available in XBRL format.
Commenting on the execution of XBRL, Michel Puchercos, Chief Executive Officer of Dangote Cement, said:
“We believe that adopting XBRL reporting will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in Dangote Cement’s continuing efforts to modernise and enhance transparency of, and access to, companies’ disclosures.
It will enable our publicly available financial information to be captured accurately and promptly, thus bringing uniformity of our results on all the platforms and ensuring that investors and analysts who use these platforms have the correct information. Although XBRL reporting is not mandatory for companies listed on the Nigerian Exchange, it is becoming a universal format to exchange financial data and promotes the coordination of international reporting requirements.
The implementation of XBRL demonstrates Dangote Cement’s strong dedication to reaching international reporting and corporate governance standards. As Africa’s leading cement producer, we are leading the way with our commitment to sustainability and best practice. We are driven by the goal of achieving the highest level of governance and building a prosperous and sustainable brand for all our stakeholders. Transparency and consistency are at the core of every part of our business culture.”