Dangote Cement 1H11 net profit up 8.9%, Nigeria

Dangote Cement 1H11 net profit up  8.9%, Nigeria
Published: 02 August 2011

Dangote Cement profit climbed 8.9 per cent in the six months through June as sales rose. Profit after tax increased to NGN57.7bn (US$378.2m) compared with NGN53bn a year earlier, according to a statement published on the Nigerian Stock Exchange’s website today.

Revenue advanced 13 per cent to NGN112.7bn, while the net value of its assets was NGN234.3bn  from NGN211.5bn, the company said.

The cement maker plans to raise funds in a London share sale before the end of 2012, investing US$3.9bn as it moves to more than double output to 50Mt by 2013 from an estimated 20Mt this year, Chairman Aliko Dangote said on May 6.

“Dangote Cement’s fundamentals remain strong as its profitability margins grow,” Oluwatosin Oluwakiyesi, an analyst at Lagos-based Vetiva Capital Management Ltd., wrote in an e- mailed note to clients today.

Plans to bring a new cement plant into production before September is likely to provide a further boost to its earnings for the rest of the year, he said.