Even as it proposes a dividend of N20 per share for the year ended December 31, 2021, Dangote Cement’s dedication to environmental disclosures and sustainability is providing the desired outcomes, with the Carbon Disclosure Project (CDP) upgrading its grade from C to B-.
The CDP is a UK-based international non-profit organization that manages the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts.
The grade was raised as a result of the company’s commitment to climate change, according to CDP. Dangote Cement has made significant progress in terms of openness and reducing its carbon impact, as seen by this improvement. This is one of the highest ratings in Sub-Saharan Africa, and it is the only company in Nigeria to have a CDP rating.
Chief Executive Officer of Dangote Cement Plc, Michel Puchercos, in his response to the development said: “We are pleased to be recognised for the progress that we are making in our environmental disclosures and sustainability. The CDP rating upgrade clearly illustrates the steps that Dangote Cement is taking in its commitment to transparency on climate and environmental issues.
According to him, the cement company is focused on making a positive difference, which is “why sustainability is at the core of every part of our business. 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 tons of waste representing a 60% increase over 2020.”
He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability and best practices. We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders. Transparency and consistency are at the core of every part our business culture”
In its financials for full-year ended December 31, 2021, Group sales volume for Dangote Cement stood at 29.3Mt, with Nigeria accounting for 18.61Mt while operations in other countries did 10.86Mt.
Group revenue was N1,383.6 billion for the full year, made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, in contrast to the group revenue of N1,034.20 billion in 2020 which constituted of N719.95 billion from Nigeria and N318.68 billion from other African operations. Dangote Cement recorded a gross profit of N538.37 billion and an after-tax profit of N364.44 billion. The directors have proposed a dividend of ₦20.00 per share.
Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in continuing efforts to modernize and enhance the transparency of, and access to, companies’ disclosures.
Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.