Dangote Cement posts N107.7Bn profit in Six Months
Dangote Cement Plc, has announced a profit before tax (PBT) of N107.7 billionfor its half-year ended June 30, 2013.The result which was disclosed at the Nigerian Stock Exchange (NSE), showed a quantum leap in key profitability indices. The company's profit before taxgrew by 52.8 percent compared to N70.8 billion recorded in the corresponding period in 2012.
Similarly, the company's gross profitrose from N91.9 billion to N132.1 billion, representing 43.8 percent growth over the last year's performance. The impressive performance is also evident in the company's operating profit which increased by 45.4 percent from N76.4 billion to N111.1 billion.
The Chief Executive of Dangote Cement Plc, Devakurma Edwin, in a statement highlighting the performance of thecompany, said Dangote Cement recorded sales of 6.76 million tonnes in the first half of 2013 representing 29.4 per cent increase in sales, eclipsing the growth rate of the overall Nigerian cement market, estimated to be around 14.2% for the reporting period.
According to him 'We estimate our market share to have remained at about 62% across the first half of 2013. Pricing remains steady across our operations. The strong growth we achieved was satisfied by additional output from the Ibese plant, which opened in the first quarter of 2012, and higher output from Obajana (the new Line 3 came on stream in the first quarter of 2012). Furthermore we achieved this strong rate of growth despite the fact that our Gboko plant was mothballed during January.'
'At the same time we are increasing our commitment to deliver cement directly to our customers and all of our plants,substantially increasing 'direct-to-customer' deliveries of all our dispatches.'
Dangote Cement is Nigeria’s leading cement producer that has sustainably eliminated Nigeria’s dependence on imported cement and in the process transformed the nation into an exporter, serving neighbouring countries.
Dangote Cement Plc through its recent $2.5bn investment also aims to increase current cement production capacity in Nigeria from of 19.25mta to29mta by 2015 and 55mta by the end of 2016 across its Obajana, Ibese and Gboko plants.
The expansion initiative will further ensure establishment of integrated/grinding plants in Cameroon, Ethiopia, Republic of Congo, Senegal, South Africa, Tanzania, Kenya, South Sudan and Zambia, as well as import/packing facilities in Ivory Coast, Ghana, Liberia and Sierra Leone.