Dangote Cement has become the first Nigerian listed company to report its financial results using IFRS taxonomy. It announced that its financial information has been made available to investors in eXtensible Business Reporting Language (XBRL) format using the IFRS taxonomy.

XBRL enables companies to standardize the preparation, publishing, and exchange of financial information in a machine-readable format. It is mainly used by publicly listed companies that are required to use it by law, such as companies listed in the USA, Europe, and South Africa.

Data contained in the company’s third-quarter 2020, Full Year 2020, and first quarter 2021 financial statements are now available in XBRL format.

Michel Puchercos, Chief Executive Officer of Dangote Cement, on the execution of XBRL, said: “We believe that adopting XBRL reporting will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in Dangote Cement’s continuing efforts to modernize and enhance the transparency of, and access to, companies’ disclosures.”

According to him, the adoption of XBRL will “enable our publicly available financial information to be captured accurately and promptly, thus bringing uniformity of our results on all the platforms and ensuring that investors and analysts who use these platforms have the correct information.

Although XBRL reporting is not mandatory for companies listed on the Nigerian Exchange, it is becoming a universal format to exchange financial data and promotes the coordination of international reporting requirements.

The implementation of XBRL demonstrates Dangote Cement’s strong dedication to reaching international reporting and corporate governance standards. As Africa’s leading cement producer, we are leading the way with our commitment to sustainability and best practice.

We are driven by the goal of achieving the highest level of governance and building a prosperous and sustainable brand for all our stakeholders.  Transparency and consistency are at the core of every part of our business culture.”

XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis, and communication of business information.

It offers greater efficiency, improved accuracy, and reliability to all those involved in supplying or using financial data. It is already being put to practical use in several countries and implementations of XBRL are growing rapidly around the world.

For Dangote Cement, XBRL increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes is now eliminated. By presenting its statements in XBRL, the company offers a lot of benefits to investors and other stakeholders.

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 48.6Mta across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

Dangote Cement has a long-term credit rating of AAA+ by GCR and Aa2.ng by Moody’s due to its market-leading position, significant operational scale, and strong financial profile evidenced by the company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow, and low leverage.

The National Bureau of Statistics (NBS) says the average price per liter paid by consumers for National Household Kerosene increased to N370.29 in June from N363.50 in May.

The bureau said this in its “National Household Kerosene Price Watch (June 2021)’’ The NBS said the price of kerosene increased by 1.87 percent month-on-month and by 10.84 percent year-on-year in the period under review.

It said that states with the highest average price per liter of kerosene were Taraba at N488.33, Ebonyi N478.33, and Enugu N465.69. However, Bayelsa at N224.36, Katsina at N312.22, and Zamfara at N312.74 paid the lowest average price per liter for kerosene in June.

“Similarly, the average price per gallon paid by consumers for kerosene decreased by 0.93 percent month-on-month and increased by 4.42 percent year-on-year to N1,255.15 in June from N1,266.99 in May.

“States with the highest average price per gallon of kerosene were Jigawa N1,407.14, Ekiti N1,406.11, and Kaduna N1,402.50. “States with the lowest average price per gallon of kerosene were Bayelsa N990, Adamawa N1,020, and Delta N1,082.27.”

Meanwhile, the average price for the refilling of a five kilogram (5kg) cylinder for Liquefied Petroleum Gas otherwise known as Cooking Gas decreased by 0.15 percent month-on-month and increased by 4.80 percent year-on-year to N2,068.69 in June from N2,071.69 in May.

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The report said that states with the highest average price for refilling a 5kg cylinder for cooking gas were Bauchi whose residents paid N2,400, Anambra N2,400, and Borno N2,394.39. It added that Jigawa at N1,732.55, Abuja at N1,824.81, and Lagos at N1,839.19 paid the lowest average price for refilling a 5kg cylinder in June.

“Similarly, the average price for the refilling of a 12.5kg cylinder cooking gas increased by 0.002 percent month-on-month and by 3.62 percent year-on-year to N4,289.05 in June from N4,288.95 in May.
“States with the highest average price for refilling a 12.5kg cylinder for cooking gas were Enugu at N4,811.54, Abuja N4,780, and Cross River N4,650.12.

“States with the lowest average price for refilling a 12.5kg cylinder for cooking gas were Zamfara at N3,736.73, Kaduna N3,841.43, and Imo N3,911.85.”

The NBS said that in arriving at the report, fieldwork was done by more than 700 of its staff in all states of the federation supported by supervisors who were monitored by internal and external observers. It said the NBS audit team subsequently conducted randomly selected verification of the prices recorded