Fidelity bank banner Bayelsa State banner
Dangote Cement’s half year sales across Africa increases by 12.6 percent

By News Express on 31/07/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 933

  •Dangote Cement CEO, Onne van der Weijde
•Dangote Cement CEO, Onne van der Weijde

Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 percent increase in sales volume across Africa.

In the financials released on the floor of the Nigerian Stock Exchange indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote Cement continues to gain grounds.

Revenues from operations in Nigeria increased by 34.5 percent  to N291.4 billion while Pan-Africa revenue increased by 63.7 percent to N124.4B from N76.0B mainly as a result of increased volumes and foreign exchange gains when converting the sales from country local currency into Naira.

Analysis of the half year result revealed that sales volumes of African operations increased by 12.6 percent to 4.7 million metric tons with Sierra Leone making a 53Mt maiden contribution.

Record of sales from its operations scattered around the African continent revealed that a total of 1.1million ‘metric tons of cement was sold in Ethiopia, almost 0.7 million metric tons sold in Senegal, 0.6 million metric tons sold in Cameroon, and 0.5 million tons in Ghana

Also, 0.4 million metric tons of cement was sold in Tanzania and 0.3 million tons in Zambia. Sales volumes from Nigerian operations fell from 8.8Mt to 6.9Mt, occasioned by the onset of rains which stalled many construction projects.

Reflecting on the half year results, Dangote Cement’s Chief Executive Officer, Onne van der Weijde, expressed satisfaction that the company’s revenues have continued to grow despite low sales from the Nigerian operations noting that the revenues grew on the strength of sales from other African operations

He said: “Our revenues have continued to grow despite the lower volumes seen in Nigeria, especially because of the recent heavy rains. Our margins have improved significantly, helped by improved efficiencies and a much better fuel mix in Nigeria.

“We are using much more gas and increasing our use of coal mined in Nigeria, thus reducing our need for foreign currency and supporting Nigerian jobs.

“Our Pan-African operations are growing well and increasing market share. We saw our the first sales from Sierra Leone in the first quarter and our new plant in the Republic of Congo will be in production at the end of July, further increasing our footprint across Africa and strengthening our position as its leading manufacturer of cement.”

The company reports that it estimated that Nigeria’s total market for cement was 10.2 million tonnes (Mt), 23.2% lower than the estimated 13.3Mt sold in Nigeria in the first half of 2016. Of total market sales in the first half of 2017, just 0.1Mt was imported. 

“As a result of the slower market, our Nigeria operation sold nearly 6.9Mt of cement, down 21.8% on the 8.8Mt sold in the first half of 2016. We estimate our market share to have been about 64.5% during the first six months of 2017,” Onne van der Weijde said.    

News Express reports that Dangote Cement is a high-growth, low-debt, internationally diversified company that has just paid a dividend amounting to nearly 75% of 2016 net profits to shareholders. The recent publication of our credit ratings highlights the financial strength we have achieved through our unwavering focus on the profitable expansion of the business, underpinned by our belief that we must remain prudent in our financial management.”

Source News Express

Posted 31/07/2017 11:28:22 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Bayelsa Govt. to evict flood victims after diverting...

Church members lock out pastor over alleged embezzlement...

Fidel Castro announces impending death in rare speech...

N844bn 4th Lagos Mainland Bridge to be completed...

Experts decry NNPC’s poor contribution to Nigeria’s economy...

European Olympic Committees head arrested over illegal ticket...

Fuel subsidy payments for 2013 hit N192.5 billion...

Lalong tasks public officials on regular medical check-up...

El-Rufai to set up security committees to fight...

Jonathan lacks power to implement Confab report-Rep

It’s official: UKWA/NGWA to produce NEXT ABIA GOVERNOR...

Buhari launches keep Kaduna green project

 

Latest News Leah Sharibu, Dapchi Five and ransom scam, By Ann Mcgregor, PhD Another showdown at APC convention as delegates exchange blows, throw chairs Many feared killed as gunmen invade villages in Plateau Why we did not attend APC National Convention — Kwankwaso Group accuses Bayelsa APC of recruiting cultists for elections ISIS Threat: FG beefs up security, deploys AIG to Lagos airport FG to begin Voluntary Asset Repatriation Scheme as VAIDS expires Surveyors offer to help FG fight insurgency, herdsmen/farmers clash SERAP wins battle to compel Adamu, Ogbeh to account for spending on water US government reunites 522 children removed under 'zero tolerance' NLNG to boost domestic LPG supply with new vessel NEITI urges review of Oil Producing Agreements

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (353,080 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (353,016 views) Shameless Genevieve Nnaji exposes breasts in public (281,011 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,618 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,451 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,435 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,266 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,459 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,146 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (149,052 views) Lagos plane crash: Journalist releases victims’ names (144,228 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,937 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,267) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (507) Features (608) Global Business Monitor (284) International (2,056) Interview (155) Live Commentary (28) Love Matters (124) News (36,462) Opinion (1,005) Pidgin (10) Politics (5,333) Religion (772) Sports (1,562) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigeria vs Iceland 2-0 All Goals & Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement