Dangote Cement profit up 23 per cent, Nigeria

Dangote Cement profit up 23 per cent, Nigeria
Published: 03 November 2011

Dangote Cement posted a 23 per cent increase in nine-month profit as cement sales rose.

Net income in the nine months to Sept. 30 rose to NGN92.8bn (US$589m) from NGN75.3bn a year earlier, the Lagos-based company said. Revenue climbed 19 per cent to NGN173.8bn cement sales advanced 9.2 per cent to 6.4Mt, it said.

Dangote, which is also Nigeria’s biggest company by market value, is spending more than US$2.5bn on eight new plants across Africa as well as constructing cement import terminals in five countries. By the end of this year it expects to have production capacity of 19Mt in Nigeria, rising to 29Mt in 2015. A further 19Mt of capacity is planned in plants across the continent by 2015.

“Dangote Cement is highly optimistic about the future given the increasingly strong economic performance of Nigeria and the African countries into which it is expanding,” the company said.

Dangote Cement “may list on the London Stock Exchange sometime next year,” CEO Devakumar Edwin said on a conference call from Lagos. The company is not in a “hurry” to do so, as it wants to consolidate its expansion into African countries, he noted.