Dangote profit rises, Nigeria

Dangote profit rises, Nigeria
Published: 06 May 2011

Dangote Cement Plc has announced its results for the first quarter ended March 31, 2011 with turnover at NGN54.51bn (U$$35.5m) compared to NGN49.87bn in 2010.

According to a statement by the company on Thursday, the unaudited interim financial report approved by the Nigerian Stock Exchange (NSE), showed that gross profit rose from NGN26.73bn to NGN28.83bn in the review period.

Its operating profit also increased from NGN25.29bn to NGN27.36bn, while profit before tax (PBT) stood at NGN27.90bn as against N25.45 billion. The Cement Company posted a profit after tax of NGNG27.47bn, a significant leap from NGN24.71.

President of Dangote Group, Alhaji Aliko Dangote has assured the shareholders of good returns on their investments, stating that the significant contributions of the new line in Obajana and commencement of production of 6Mt in Ibeshe plant later this year, will positively affect the company’s turnover and ultimately returns on shareholders investments.