Dangote Cement Plc has reported an increase of 37.7 per cent in its profit after tax for the 2020 financial year, compared to the previous year.

The company, Africa’s largest cement producer, said its after-tax profit increased to N278.1bn last year from N200.52bn in 2019.

Its profit before tax grew by 49.04 per cent to N373.31bn in 2020 as revenue rose by 16 per cent to N1.03tn, according to its audited results released on Tuesday.

Dangote Cement saw its sales volumes increase by 8.6 per cent to 25.7 million tonnes last year.

Its earnings per share was up 36.9 per cent to N16.14, with the proposed dividend maintained at N16.00 per share.

The Chief Executive Officer, Michel Puchercos, said in a statement that despite the impact of the COVID-19 pandemic, 2020 was a record year for Dangote Cement across the board.

He said, “Several firsts made 2020 a productive year such as our maiden clinker shipment, maiden bond issuance and successful buyback programme.

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“We increased our capacity by 3Mt in Nigeria, commissioned our two export terminals and commissioned our gas power plant in Tanzania.

“All this was achieved whilst we focused on protecting our people, customers, and communities from the impact of the pandemic. Dangote Cement recorded strong top-line growth supported by strong cement demand.”

Puchercos said profitability was further bolstered by the group’s disciplined cost control measures in what it believed to have been a highly inflationary and volatile year.

The CEO said the group remained committed to keeping its staff and communities safe by being fully compliant with health and safety measures in all its territories of operation.