• About Us
  • Contact Us
  • Privacy & Policy
Thursday, September 18, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Dangote Cement, 22 Others Generate N8.11tn Amidst Economic Storm

Vincent Amadi by Vincent Amadi
August 13, 2024
in Economy
Reading Time: 5 mins read
A A
0
Dangote Cement, 22 Others Generate N8.11tn Amidst Economic Storm
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


Dangote Cement Plc and 22 other companies, despite macroeconomic challenges, generated revenues of about N8.11 trillion in the first half of the year ending June 2024, up about 68% from N4.83 trillion in the same period of 2023. The other 22 companies are active in sectors such as telecommunications, agribusiness, cement manufacturing, power generation, oil and gas, and fast-moving consumer goods (FMCG).
An independent investigation conducted by Journalists found that the companies were able to significantly increase their sales even as double-digit inflation led to higher costs of food and services across the country.
However, operating costs and foreign exchange losses weakened profit generation, posing a threat to financial results and balance sheets for 2024.
Companies operating in Nigeria are struggling with dwindling purchasing power due to rampant inflation across Africa, weak naira, insecurity, and delayed delivery of goods and services across the country. During the period, Dangote Cement was the top earner, followed by MTN Nigeria Communications Ltd and BUA Foods Ltd.

Breaking it down, Dangote Cement reported revenue of about N1.76 trillion in the first half of 2024, up about 85% from N950.83 billion in the first half of 2023, while MTN Nigeria reported N100 million in the first half of 2023. Revenue was N1.54 trillion, up 33% from N1.16 trillion in the first half of 2023.
Dangote Cement CEO Arvind Pathak said in a statement on the results: “We effectively navigated macroeconomic headwinds to deliver positive results in the first half of the year. Group volumes were up 3.8 percent, with our Nigeria operations achieving double-digit volume growth of 10.9 percent. This growth was driven by improved efficiency across our operations and supported by increased market activity levels compared to the election year and cash crunch in 2023.
“Despite the challenges of elevated inflation, high borrowing cost, and a further weakening of the currency in the first six months of the year, our business demonstrated strong resilience. This was due to our rigorous focus on cost minimization and our diversified business model.
“Group revenue and EBITDA rose 85.1 percent and 50.3 percent to N1,760.1 billion and N666.2 billion, respectively. Our PAT reached N1,89.9 billion, marking a 6.3 percent increase. I am pleased with the performance of our business, as key financial indicators are showing positive trends.
“By leveraging our robust export-to-import strategy, Dangote Cement completed 14 shipments of clinker from Nigeria to Ghana and Cameroon. This effort resulted in a 55.2 percent surge in our Nigerian exports, underscoring our commitment to fostering African self-sufficiency.”

As head of MTN Nigeria, the telecommunications giant, Carl Toriola, explained that the company’s performance in the first half of 2024 highlighted its performance despite macroeconomic headwinds and currency effects.
“The macroeconomic conditions in Nigeria have been challenging during the period. The country has been dealing with rising inflation and the continued depreciation of the naira against the dollar and other currencies. The inflation rate reached 34.2 percent in the month of June, with an average rate of 32.8 percent in the first half of the year, while the naira closed June 2024 at N1,505/Dollar (December 2023: N907/$) at the Nigerian Autonomous Foreign Exchange Market (NAFEM). However, we are encouraged by the improving liquidity in the foreign exchange in the period which enabled us to reduce our exposure to foreign currency-denominated obligations,” he said.
BUA Foods reported sales of N672.39 billion for the first half of 2024, a 109.5 percent growth compared to N320.93 billion in the first half of 2023.


The company attributed the increase in sales to an 88 percent increase in sugar sales year-on-year to N369.7 billion (H1 2023: N196.5 billion) and a 164 percent increase in flour sales to N227.9 billion (H1 2023: N227.9 billion). 86.05 billion Naira, while pasta sales fell 95% to 74.03 billion Naira (1H23: 37.9 billion Naira).
BUA Foods Managing Director, Ayodele Abioye, said: “The first half of the year has been one of significant resilience and achievements for our company. We attained a robust financial performance, with total revenue increasing by 110per cent to N672.3 billion compared to the same period last year. Our gross profit stands at N218.4 billion, reflecting a growth of 64per cent. This solid performance is a testament to the efficacy of our strategic initiatives, operational efficiency, and unwavering dedication of our board, management, and other members of staff.
“During this period, we have made significant strides in executing our strategic plans, successfully launching new products, specifically, macaroni, premium pasta, and semolina to meet the yearnings of our customers Our diversified portfolio and expansion into new markets impacted revenue growth while strengthening our partnership with key stakeholders. We also maintained a strong focus on cost optimization, resulting in sustained margins and profitability.”


He further added, “Looking ahead, we remain confident in our ability to navigate the challenges and opportunities in the market. We will continue to leverage our strong and orchestrated supply chain system to deliver a great financial performance in line with our strategic vision for sustainable growth and value creation for all stakeholders.”
Capital market analysts noted that these companies have remained resilient over the years despite significant economic challenges such as high inflation, weak exchange rates, and persistent security concerns.
Tajudeen Olayinka, CEO of Wyoming Capital and Partners, said, “The performance of H1 2024 results is mixed while some have very good results, others were faced with CBN naira revaluation policy that impacted their bottom line. Nigerian companies are resilient and we expect some to outperformance 2023FY, while some will declare loss over macro challenges.”
David Adonri, analyst and managing director at HiCap Securities Limited, said, “Nigeria’s economy is witnessing challenges including hike in inflation, security, removal of subsidy, unstable foreign exchange, among other factors that have continued to have mixed performance on revenue generation. However, we should commend these firms for generating a significant increase in revenue, and let’s hope they will outperform 2023FY results and declare a dividend.”
Additionally, Cardinal Stone analysts said in the report, “In 2024, the Nigerian cement industry is expected to benefit from renewed government focus on infrastructure development and construction projects, which could stimulate demand for cement products.

They added, “With increased budget allocations to critical sectors and ambitious infrastructure initiatives (N1.32 trillion to infrastructure, which represents five percent of the total FG 2024 budget), the construction industry is likely to experience a resurgence. Cement manufacturers, in response, are beginning to recalibrate their production strategies in the form of capacity expansion and improved efficiency to meet the anticipated rise in demand. While challenges may persist, the outlook for Nigeria’s cement industry in 2024 is one of cautious optimism, with potential growth opportunities emerging amidst the recovery phase.”

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana
Economy

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana

3 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery begins nationwide distribution of petrol

3 days ago
Dangote Refinery Petrol Price Drops as Direct Fuel Distribution Begins September 15
Economy

Dangote Refinery Petrol Price Drops as Direct Fuel Distribution Begins September 15

6 days ago
Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Pensioners threaten nationwide protest over unpaid benefits
National

Pensioners threaten nationwide protest over unpaid benefits

20 hours ago
Only Senate Can Decide Natasha Akpoti-Uduaghan’s Resumption- CLERK
National

Only Senate Can Decide Natasha Akpoti-Uduaghan’s Resumption- CLERK

2 days ago
Nigeria risks civil war if corrupt judge is appointed INEC chairman – Buba Galadima
National

Nigeria risks civil war if corrupt judge is appointed INEC chairman – Buba Galadima

2 days ago
SSANU, NASU give FG seven-day strike notice over unmet demands
National

SSANU, NASU give FG seven-day strike notice over unmet demands

2 days ago
2027: New applications for political parties’ registration now at 144 — INEC
National

INEC: 4.44m register online, 509,929 complete physical registration in ongoing CVR

2 days ago
Nigerian Parents Struggle With School Fees as Inflation Rises
National

Nigerian Parents Struggle With School Fees as Inflation Rises

3 days ago

POLITICS

Rivers PDP warns Fubara against defecting to APC

Rivers PDP warns Fubara against defecting to APC

20 hours ago
2027: Why Peter Obi may return to PDP

2027: APC engaged in early campaign against electoral act – PDP

20 hours ago
APC’s only member in Abia House of Assembly dumps party

APC’s only member in Abia House of Assembly dumps party

20 hours ago
2027: We won’t condone members with ulterior motives – ADC

2027: We won’t condone members with ulterior motives – ADC

3 days ago
Peter Obi, El-Rufai Granted Waiver Ahead 2027 Election

10,000 APC, PDP members defect to ADC in Benue

3 days ago
I will break second term jinx in Ekiti – Gov Oyebanji

I will break second term jinx in Ekiti – Gov Oyebanji

7 days ago

YOUR ECONOMY

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana
Economy

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana

3 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Dangote Refinery begins nationwide distribution of petrol

3 days ago
Dangote Refinery Petrol Price Drops as Direct Fuel Distribution Begins September 15
Economy

Dangote Refinery Petrol Price Drops as Direct Fuel Distribution Begins September 15

6 days ago
Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

3 weeks ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

4 weeks ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

4 weeks ago

E & P

Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System
Sports

Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

by Steven Atogi
2 days ago
0

Poor Recruitment, Not Amorim’s Tactics, at Fault Manchester United legend Paul Scholes defends manager Ruben Amorim’s system despite the club’s...

Lookman Wins Atalanta Player of the Month of September 2024

Siasia to Chelle: Rely on Lookman, Arokodare

1 week ago
Chelsea Push £78m Fermin Lopez Transfer Bid

Chelsea Push £78m Fermin Lopez Transfer Bid

3 weeks ago
The Rise And Fall Of Sports Institute, Isaka

The Rise And Fall Of Sports Institute, Isaka

4 weeks ago
KTF Launches Free Youth Tennis Clinic in Port Harcourt

KTF Launches Free Youth Tennis Clinic in Port Harcourt

1 month ago
‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

‘It’s a shame’ – Ex-Newcastle striker, Andy Carroll blasts Isak over transfer move

1 month ago

YOUR THOUGHT & HISTORY

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
2 weeks ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
2 weeks ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
4 weeks ago
Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tammy Opoki
2 months ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Nine rescued from burning six-storey building in Lagos — Fire Service

Nine rescued from burning six-storey building in Lagos — Fire Service

September 17, 2025
Rivers PDP warns Fubara against defecting to APC

Rivers PDP warns Fubara against defecting to APC

September 17, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address