The Carbon Disclosure Project (CDP) has upgraded Dangote Cement’s rating from C to B- as a result of its dedication to environmental disclosures, mitigating climate change and sustainability.
In order to manage their environmental impacts, investors, businesses, cities, states, and regions can use the global disclosure system, which is operated by the CDP, an international non-profit organization with headquarters in the United Kingdom.
The Company’s dedication to combating climate change, according to CDP, is why it received a higher rating. The improvement amply demonstrates the strides Dangote Cement has achieved in maintaining its commitment to openness and reducing its carbon dioxide footprint. The sole company graded by CDP in Nigeria has one of the highest ratings in Sub-Saharan Africa.
In response to the news, Michel Puchercos, the chief executive officer of Dangote Cement Plc, said: “We are thrilled to be recognized for the progress we are making in environmental disclosures and sustainability. The improvement in Dangote Cement’s CDP rating amply demonstrates the company’s dedication to transparency on climate and environmental issues.
He claims that because the cement firm is committed to making a difference, sustainability is at the foundation of all aspects of its operations. Our Alternative Fuel Project, which intends to use waste management strategies, cut CO2 emissions, and source materials locally, is also well along. We co-processed 89,000 tons of garbage this year, which represents a 60% increase over 2020.
Dangote Cement, he continued, “is committed to sustainability and best practices, and we are leading the way in this area.”We are motivated by the desire to uphold the highest standards of governance and create an enduring brand for all stakeholders.Every aspect of our corporate culture is based on transparency and consistency.
Dangote Cement reported group sales volume of 29.3 Mt for the full fiscal year that concluded on December 31, 2021, with Nigeria operations accounting for 18.61 Mt and activities in other countries for 10.86 Mt.
In contrast to the group revenue of N1,034.20 billion in 2020, which was composed of N719.95 billion from Nigeria and N318.68 billion from other African operations, the group revenue of N1,383.6 billion for the full year was made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion. An after-tax profit of N364.44 billion was reported by Dangote Cement, with a total profit of N538.37 billion. A dividend of $0.00 per share has been proposed by the board.
The XBRL format with the IFRS taxonomy was initially used by Dangote Cement, the first publicly traded firm in Nigeria, to report financial results. The current and future investors in Dangote Cement will greatly benefit from the adoption of the XBRL reporting format. It is an additional step in the ongoing process of modernizing, improving, and providing access to corporate disclosures.
With a total installed capacity of 45.6Mta spanning 10 African nations, Dangote Cement Plc is the largest cement producer in sub-Saharan Africa. The company runs a fully integrated “quarry-to-customer” business with operations that include cement production, sales, and distribution.