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President of Dangote Group, Aliko Dangote has boasted that despite the challenging economic situation in 2019, Dangote cement was able to sustain 54,000 jobs in four African countries, where the company has its operations.
PLATFORM TIMES reports that the countries are Nigeria, Ethiopia, Senegal, and South Africa.
Dangote reportedly stated this at the Company’s 11th Annual General Meeting in Lagos, boasting that more jobs would be created as the company intensifies export of clinker to other neighboring countries from Nigeria.
He said: “According to our 2019 socioeconomic impact assessment study specifically on our operations in Nigeria, Ethiopia, Senegal, and South Africa, we sustained 54,005 jobs (direct, indirect, induced) in these four markets in the year under review.”
Dangote Group is the second highest employer of labour in Nigeria, after the Federal Government, and with its Refinery project coming up, the company will have more than 100,000 Nigerians under his employment.
Dangote said at the shareholders’ meeting that 2019 was a tough year owing to the tough business environment across most of its operating geographies.
He disclosed that the Group recorded volumes of 23.7 million metric tonnes and revenues of ₦891.7 billion.
“We recorded a strong EBITDA margin of 44.3%. As a result of this performance, the Board has recommended for your approval a dividend of ₦16.00 per ordinary 50 kobo share”, he added.
Speaking on the local Nigerian operations, he said, “Nigeria’s cement market grew slightly in 2019. We estimate that total market consumption was up between 2%-3% on the 20.7Mt estimated in 2018.”
He explained that the modest performance was in spite of the fact that the market generally was impacted negatively by the disruptions related to the 2019 election cycles, heavy rains and the loss in land export volumes due to the border closure.
Estimated reading time: 1 minute(s)
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