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Dangote Cement Spent ₦196 Billion On Fuel And Power In 2021 Due To Inflation

Dangote Cement Spent ₦196 Billion On Fuel And Power In 2021 Due To Inflation

Dangote Cement Plc has disclosed that gas and energy consumed by the corporate elevated by 34.4% to N196.634 billion in 2021 from N146.342 billion in 2020.

The Group Chief Financial Officer, Dangote Cement, Mr. Guillaume Moyen who disclosed this on the firm’s thirteenth AGM stated the rise was because of quantity progress and inflationary pressures on the prices.

What the corporate is saying
Moyen stated, “In complete, manufacturing prices elevated by 25.8% to N551.0 billion from N437.9 billion in 2020 whereas gas and energy consumed elevated by 34.4% to N196.6 billion from N146.342 billion and supplies consumed elevated by 30% to N175.4 billion from N134.91 billion.

“The enhance in Nigeria’s manufacturing prices was primarily pushed by power prices attributable to elevated manufacturing volumes and worth will increase for fuel which is pegged to the US Dollar. The Nigerian naira depreciated from N401/1US$ on the finish of 2020 to N424/1US$ on the finish of 2021.

“Thanks to our continuous cost control efforts, total selling and administrative expenses only rose by 19.6% to N256 billion in 2021 mainly from higher haulage expenses which are driven by volume, AGO costs and other general administrative expenses. Inflationary pressure and the foreign currencies’ conversion to Naira is driving part of this increase.”

Source:- Nairametrics

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