Dangote Cement plans to increase capacity by 45%
Dangote Cement Plc has unfolded plans to commission additional nine metric tonnes of cement by July, 2014 as this would increase the company's production capacity by 45 per cent.
Speaking at the company's 5th yearly general meeting, Alhaji Aliko Dangote, said, 'Between eight to ten weeks, our company will pump in 9 million tons of cement representing a growth of 45 per cent to the market. We want to serve our shareholders by giving you better returns on your investment.
Trading remains robust in the country, and we have experienced a solid start to the year with demand up in all regions. We have embarked on an initiative to improve the standard of cement sold in Nigeria and our belief is that 42.5 cement grade is the most appropriate for general use. We are working closely with industry consumers such as block makers to ensure widespread education as to its use.'
He expressed optimism that the current financial year would offer better returns to shareholders, adding that the company is already increasing it visibility in Africa in order to enhance profitability and increase shareholders' value.
Group Managing Director of the company, Devakumar VG Edwin attributed the impressive results of the company in 2013 to high level of focus and strategic management.
'Dangote Cement made excellent progress in 2013 with a turnover growth of 28.2 per cent to â‚¦386.2billion. Its profit after tax went up to N201.2 billion, while dividend payout increased by 133 per cent to N7.0 per share'.