Dangote Cement outpaced our topline expectations as the Revenue grew significantly, up 33.5% y/y to N332.7bn in Q1 2021 from N249.2bn in Q1 2020. The growth in Group Revenue was supported by stronger volume growth (+18.7% y/y) and better price per tonne (+12.4%) y/y from both its Local and Pan African operations. Despite significantly higher Finance Cost (+180.7% y/y), Pre-tax Income remained resilient, up 47.7% y/y to N130.1bn in Q1 2021 from N88.1bn in Q1 2020 bringing EPS to N5.29/s in Q1 2021 (Q1 2020; N3.60/s).