Nigeria: Dangote Cement Plc gross revenue soars

In the 1H13 Dangote Cement Plc's gross revenues grew by 29 per cent to NGN288.9bn (US$1.8bn) for the 3Q13, from NGN224.5bn recorded in the corresponding period 3Q12.

Dangote Cement recorded a profit before tax (PBT) of NGN151.7bn for the nine-month period to September 2013, an increase of 43 per cent YoY from NGN106.4bn in 3Q12.

Operational expenses grew by 57 per cent to NGN33.6bn in the nine months through to September 2013, while finance cost reduced by five per cent to NGN9.1bn in the current 2013 period.

Results for the 3Q13 showed that afte -tax, income increased to NGN156.1bn, representing an increase of 29 per cent compared to NGN107.1bn recorded the year before.

The company may further increase its share of the domestic market as its cement sales are increasing faster than Nigeria's nominal GDP growth rates (14.98 in the 2Q13). Dangote Cement is the market leader in the Nigerian cement industry with a 74 per cent market share as at the 3Q2013. The company’s current growth plan includes an integrated or grinding plants and imports/packaging facilities in 13 sub-Saharan Africa countries.