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Dangote Cement to pay N40.39 bn in corporate tax

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ramps up production capacity to meet local demand

Nigeria’s Dangote Cement Plc is expected to pay a total of N40.
39 billion in taxation to the nation’s treasury from its operational result in the first quarter of 2021.
According to the financial result published by the country’s largest cement manufacturer on Friday, April 30, 2021, the amount is due from corporate tax for the period ended March 31, 2021.

The amount of corporate tax due from Dangote Cement in the first three months of this year is higher by 47.

3 percent compared with the N27.42 billion paid in the corresponding period of 2020 financial year.

In addition, the company currently pays over N240 million Value Added Tax (VAT) daily to the government, making DCP one of the biggest private sector tax payers in the country.

As part of the company’s corporate social responsibility, in line with the government’s quest to boost infrastructural development in the country, Dangote Cement opted to provide funding for the constructions of major roads in Lagos and Kogi States. The roads are the critical Lagos Apapa Port road leading to the old toll gate and the Lokoja-Obajana-Kabba road straddling Kogi and Kwara states.

Further analysis of the financial report showed that the company ramped up production capacity in the Obajana Line 5 and resumed production at the Gboko plant to meet increased demand for its products.

Dangote Cement also increased total volume of cement sold in the first three months of the year from its Nigerian operations to 4.9Mt compared to the 4.0Mt sold in the first quarter of 2020.

Pan-African operations sold 2.6Mt of cement in the period under review compared to 2.3Mt sold in the corresponding period in 2020.

The cement maker said it’s making efforts to start the Okpella Plant before the end of June in order to meet the increasing demand for cement in the country and help to moderate prices in the market.

Commenting on the financial result, Dangote Cement GMD/Chief Executive Officer, Michel Puchercos, said that the company started the first quarter of 2021 on a positive note and recorded increases in revenue and profitability.

He stated that the cement company posted a profit after tax N89.7 billion.

“We took the strategic decision to pause our clinker exports to ensure we meet the rapid volume growth in the Nigerian domestic market. We are improving the output of our existing and new assets and aim to recommence clinker exports in the second quarter.

“Our Pan-Africa operations have reached new heights, with an EBITDA margin of 25.5 percent and volume growth of 12.8 percent reported during the quarter.

“One of our priorities in 2021 is to strengthen our alternative fuel initiative. It focuses on leveraging the circular economy business model, optimising costs and reducing exposure of our cost base to foreign currency fluctuations.

As ever, we are committed to keeping our staff and communities safe by being fully compliant with health and safety measures in all our territories of operation.”

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 48.6Mta across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.

Dangote Cement has a long-term credit rating of AAA+ by GCR and Aa2.ng by Moody’s due to its market leading position, significant operational scale and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.

Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, beverages, and real estate, with new multi-billion dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors.

 

 

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Eid el Fitr; Former Federal Lawmaker,Mohammed Sani Kutigi Greets Nigerlites.

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A former Federal Lawmaker from Niger state and PDP starlwart,Alhaji Mohammed Sani Kutigi has sent a message of congratulations to Moslem faithfuls and the people of Niger state on the occassion of Eid el Fitr.

In a message to mark the occassion,the Federal Lawmaker commemded the people of Niger state for remaining peaceful and law abiding amidst naked provocations.

Kutigi urged the people of the state to pray more fervently for God’s intervention inview of frequent securtiy threats to lives and properties.

He appealed to the people of the state to remain securtiy conscious,their neighbors keepers and report suspicious movement to the law enforcement agencies.

He challenged the security agencies to do more in the protection of lives and properties of hapless citizens from bandits attacks, kidnapping and herders threats to lives and properties.

The PDP starlwart and national officer congratulated the people of the state for witnessing this year’s occassion.

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APC: Nigeria will be Secured from Fifth Columnists, Secessionist Agitators

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The All Progressives Congress (APC) has restated the commitment of the federal government to secure the nation from all fifth columnists and secessionist elements who have continued to seek ways of dragging the nation backward.

Caretaker/Extraordinary Convention Planning Committee of the party, Senator John Akpanudoedehe, stated this in statement issued yesterday in Abuja.

The ruling party said it celebrateed with Muslim faithful and entire Nigerians on the occasion of this year’s Eid-el-Fitr, after the 30 days of abstinence from worldly pleasures and utmost devotion to the Almighty Allah.

The party enjoined Nigerians to use this period to demonstrate the essence of Ramadan, which is about personal sacrifice and sharing with the less-privileged.

Akpanudoedehe said, “On this day, we assure Nigerians of our commitment to securing the nation from all fifth columnists and secessionist elements who have continued to seek ways of dragging the nation backward.”

The party also urged Nigerians to use the occasion to pray for the leaders and the country’s peace and development.

The secretary noted that the collective efforts of all were required to ensure that citizens enjoyed the many pro-people developmental strides of the President Muhammadu Buhari’s administration in an atmosphere of peace.
The APC, therefore, called on all people of goodwill and patriotic citizens to use the occasion to extend their spiritual support for the efforts of the administration in its continued quest to place the country on the path of economic prosperity.

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Eid-el-Fitr: I’m delightful seeing Christians breaking fast, extending gifts to Muslims – Buhari

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President Muhammadu Buhari has expressed delight that Eid festival will continue to bring with it peace, safety, security, brotherhood and love amongst Muslims and Christians as witnessed during the fasting period.

The News Agency of Nigeria (NAN) reports that the president made his feelings known in a Sallah message issued by his spokesman, Malam Garba Shehu, in Abuja on Wednesday.

According to the president, it is noteworthy and delightful to see Christians breaking fast and in some instances, extending goodwill and gifts to Muslim faithful during the Ramadan.

“This model also shone through with Muslim groups joining Christian festivities.

”These are practices that promote brotherhood and forgiveness,” he added.

The president, therefore, extended his best wishes to all Nigerians and Muslims across the globe as they mark the Eid-el-Fitr following the completion of a month of fasting.

In the message signed by him, Buhari said: “On this blessed occasion, I wish that the Eid festival brings with it peace, safety, security, brotherhood and love amongst all.

“Unity and solidarity among all citizens, Muslims and Christians are imperative especially at a time when our country is faced with multiple challenges which are surmountable only when we come together as one.

It is important that we remember how we share, through our faiths, common bonds that should serve to unite us and not allow ourselves to succumb to those who seek to divide us, using our two great religions, for their own selfish advantages.

“We should jointly pray against the tragic incidents of kidnapping and banditry and the desperate quest for political power expressed through blackmail against the existence of our country as a united entity.

“We must resist the temptation to retreat into our communities. I urge our political and religious leaders as well as traditional rulers to encourage our citizens to turn towards one another in love and compassion.”

The president also urged Nigerians to continue to observe all COVID-19 prevention measures and celebrate responsibly during the holidays.

NAN reports that the Sultan of Sokoto and President-General, Nigeria Supreme Council for Islamic Affairs (NSCIA), Alhaji Sa’ad Abubakar III, had on Tuesday declared Thursday (May 13), as the first day of Shawwal 1442AH.

Abubakar III made the declaration in a statement signed by Prof. Sambo Junaidu, the Chairman, Advisory Committee on Religious Affairs Sultanate Council, Sokoto.

He said: “The Sultanate Council Advisory Committee on Religious Affairs in conjunction with the National Moon Sighting Committee did not receive any report from various Moon sighting committees across the country.

“This, confirming the sighting of the new moon of Shawwal 1442AH, on Tuesday, May 11, 2021, which was 29th day of Ramadan 1442AH.

“Therefore, Wednesday, May 12, 2021, is the 30th day of the month of Ramadan 1442AH.”

 

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