Michel Puchercos, Chief Executive Officer, said:
“Despite the elevated inflation due to a very volatile global environment, we have made strides in 2022. We recorded increases in revenue and EBITDA that drove strong cash generation across the Group. We recorded revenue of ?1,177.3B, up 15.2% compared to last year and Group EBITDA of ?515.9B, up 0.2% with an EBITDA margin of 43.8%.
To mitigate the impact of significant increase in energy and AGO costs, we are strengthening our efforts to ramp up the usage of alternative fuels. So far this year, we coprocessed 101 553 t of waste representing a 77% increase over 9M 2021. We are on track to commission our Alternative Fuel feed system at Obajana lines I and V; and Ibese line II in November. In addition, we are ramping up our investment in Compressed Natural Gas (CNG), to reduce our AGO usage.
To drive consumer engagement and support demand during the rainy season; we commenced the 3rd season of our National Consumer Promotion – “Bag of Goodies 3”. So far, the National Consumer Promotion has made 190 millionaires and multimillionaires across all States in Nigeria. On the operational side, we have commissioned our power plant at Okpella and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire.
Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Our continuous focus on efficiency, meeting market demand and maintaining our costs leadership drives our ability to consistently deliver value to all shareholders."
The full report can be accessed here.
