Cement News tagged under: Dangote Cement
Dangote Cement's pan-African expansion boosts financial strength21 July 2017, Published under Cement NewsDangote Cement's strategy of rapid capacity build across Africa with prudent financial management has led the company to recently be recognised for its financial strength. The next wave of development sees Dangote almost doubling capacity, further consolidating its position as sub-Saharan Africa's leading cement supplier. Earlier this month two global rating agencies, Moody's Investors Service and Global Credit Ratings (GCR), rated Dangote Cement positively for its financial strength and co... |
Moody's assigns first-time Ba3 and Aaa.ng ratings to Dangote Cement06 July 2017, Published under Cement NewsMoody’s has assigned a first-time Ba3 Local Currency Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating and Aaa.ng National Scale Rating (NSR) to Dangote Cement Plc (DCP). The outlook on the ratings is stable. "Dangote Cement Plc’s Ba3 local currency corporate family rating, one-notch above the Government of Nigeria’s own rating, reflects the company’s strong standalone credit profile and track record of demonstrated financial support from a larger and more diversified par... |
Dangote to seek intervention on Oromia order22 June 2017, Published under Cement NewsDangote Cement Plc is to seek intervention regarding the state of the Ethiopian state of Oromia's order calling on cement makers to hand over control of some parts of their businesses to local young people, according to a report by Bloomberg. Oromia state’s East Shewa Zone administration wants the Nigerian company to outsource its pumice, sand and clay mines to youth groups or be responsible for “any problems” that may arise, according to a letter from the authority to Dangote that was seen... |
Dangote Cement's Congo plant nears completion02 June 2017, Published under Cement NewsDangote Cement Plc is close to completing its new US$300m cement grinding plant at Bouansa in the Republic of Congo and plans to commence production this month. With the project the company hopes to boost its production capacity by at least 1.5Mta and help the Nigeria-based multinational achieve its target of being a major cement exporter on the continent. The Plant Director for Congo Operations, Ganapathy Balasubramanian, stated that the Congo plant cost XAF133bn (US$300m). The new gri... |
Dangote Cement delivers strong financial performance02 May 2017, Published under Cement NewsDangote Cement reported a strong financial performance in 1Q17 despite a fall in volumes, with record revenues which were up by 48.1 per cent to NGN208.2bn (US$679.6m) and record EBITDA of NGN103.bn, up 42.3 per cent. “Dangote Cement produced record financial results in the first three months of 2017. Despite lower Group volumes, we delivered significantly higher revenues and EBITDA after realigning prices late in 2016. Our new pricing strategy meant every tonne worked harder for us in Ni... |
Ethiopian production faces disruptions over jobs plan23 March 2017, Published under Cement NewsRegional officials in Ethiopia are demanding that foreign cement producers, including Dangote Cement and Derba Midroc Cement, should let cooperatives of unemployed young adults run part of their mining businesses. A draft contract drawn up by Oromia state’s East Shewa Zone administration this month calls for the young adults to operate pumice mines for the cement producers, according to Bloomberg. Prime Minister Hailemariam Desalegn’s administration is trying to reduce youth unemployme... |
Nigerian government commends Dangote Cement self-sufficiency feat20 March 2017, Published under Cement NewsThe Nigerian government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, ascribing the feat to Dangote Cement which spare headed the backward integration policy introduced by the government, the cement company said in a statement today. Minister for Solid Minerals Development, Dr Kayode Fayemi, who leads a team of the federal government to the Dangote Cement plants in Ibese, Ogun State, at the weekend s... |
Tanzania: state offers Dangote land to mine coal13 March 2017, Published under Cement NewsFollowing last year’s deal by Tanzania’s government to supply natural gas to Dangote Cement in the southeastern town of Mtwara, the state has offered land to the Nigerian company to mine coal for its operations. Tanzania’s Ministry of Energy and Minerals handed a 10km 2 plot of land to the 3Mta cement factory set up in 2015. According to local sources, the move was sanctioned by President John Magufuli to allow the company get a reliable supply of coal to fuel its activities. Tanzania ha... |
Tanzania: Dangote prepares for coal extraction in Ngaka06 March 2017, Published under Cement NewsTanzanian President, John Magufuli, has taken action to enable Dangote Cement to start mining its own coal to power its new US$650m Mtwara cement factory. Speaking at the official launch of the 580 trucks, which will be used by Dangote to transport cement from the southern region of Mtwara to the rest of the country, Mr Magufuli gave a seven-day ultimatum for the Ministry of Energy and Minerals to ensure that the coal mining area in Ngaka is available to the cement producer to start mining... |
Dangote switches strategies to improve margins03 March 2017, Published under Cement NewsThis week Dangote Cement held a press conference on its 2016 results and explained why its market strategy in Nigeria changed from a volume-based approach to one focussing on cashflow and increased profit margins going forward. In the first two quarters of 2016, Dangote found high cement volumes were working well. The group’s total cement volumes rose in Nigeria by 13.8 per cent to 15.1Mt in 2016, from 14.8Mt in 2015. Moreover, the company’s market share increased substantially up to June... |