Dangote Cement Plc (DANGCEM) recently released its H1-2021 financials which showed remarkable double-digit increase of 44.8% y/y in Revenue to N690.5bn, as well as a 72.7% y/y and 51.9% y/y growth in PBT and PAT to N281.3bn and N191.6bn respectively. The performance was largely driven by higher sales volumes, as well as improved cost management during the period which drove margin expansion. We examine the numbers closely and review our expectations accordingly.