Dangote Cement Plc will transition thousands of its delivery trucks to run on Compressed Natural Gas (CNG), supporting the federal government’s push for alternative fuels.
TOP MEDIA NIGERIA reports that at the company’s 15th Annual General Meeting in Lagos, Chairman Aliko Dangote announced that all delivery trucks will be running on CNG by the end of next year.
“We are now going to start using CNG vehicles, especially with the new policy of the federal government, launched by the Renewed Hope Agenda by President Bola Tinubu.
“By the end of next year, all our trucks that are operating in the company will be running on CNG, and that is a whole lot of money that we are going to invest. But we are equal to the task, and we will continue to push and make sure that we continue to make our shareholders happy,” Dangote said.
The AGM also celebrated the company’s strong financial performance in 2023.
Despite economic challenges, Dangote Cement increased dividend payouts by 50%, from N20.00 per share in 2022 to N30.00 per share in 2023.
Dangote also discussed the construction of a new six-million-metric-tonne-per-year plant in Itori, Ewekoro, Ogun State, assuring stakeholders that the project is on track despite logistical challenges at Apapa Port in Lagos.
Group Managing Director Arvind Pathak highlighted the success of the company’s diversification strategy.
In 2023, pan-African volumes grew by 12.7%, making up 41.2% of the group’s total volume.
Pan-African revenue increased by 123.2% to N925.9 billion, with EBITDA rising over fourfold to N263.7 billion.
Shareholders praised the company’s growth, with group revenue rising by 36.4% to N2,208.1 billion and profit after tax increasing by 19.2% to N455.6 billion.
Earnings per share went up by 18.8% to N26.47.
Dangote Cement also expanded its market share across Africa, with pan-African volumes up by 12.7% to 11.3 million metric tonnes.
