• Monday, May 27, 2024
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Mathew Philip retires as deputy GMD of Dangote Cement

Mathew Philip retires as deputy GMD of Dangote Cement

Dangote Cement Plc, Africa’s biggest cement maker, has announced the retirement of Mathew Philip as its Deputy Group Managing Director (DGMD), effective April 30, 2024.

This is to inform the Nigerian Exchange Limited (NGX) and all other stakeholders that after over two years as DGMD of Dangote Cement, Mathew will retire from the Board of Directors effective April 30, according to a statement.

“The company extends its appreciation to Mathew for his significant contributions and improvement to the operations of the business and wishes him well in his future endeavors,” it said.

Dangote Cement reported a revenue of N817.4 billion in the first three months of 2024 from N406.7 billion in the same period of last year. It also recorded an increase of 26.1 percent in domestic sales volumes to 4.6Mt from 3.6Mt.

“Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter. Similarly, our pan-Africa operations continued an upward trajectory, with volumes up 3.1 percent to 2.7Mt, buoyed by increased sales in Zambia and Congo,” Arvind Pathak, chief executive officer of Dangote Cement, said.

He added that despite elevated cost pressures, increased borrowing costs, and a further currency weakening, “our first-quarter results reflect our commitment to navigating challenges effectively.”