Dangote Cement 9M15: new operations help offset weaker domestic demand

Dangote Cement said nine-month profit gained 12 per cent as its new operations across the African continent helped offset weaker demand in its home market of Nigeria.

Net income was NGN158bn (US$794m) in the nine months through September, compared with NGN141bn a year earlier, the company said in a statement on Monday. Sales rose 18 per cent to NGN366bn. Lower oil prices and a weaker currency were among factors weighing on the Nigerian business, where sales declined 0.7 per cent.

“Our new operations have made strong starts right across Africa and this has helped to offset the impact of a subdued economy in Nigeria,” said Onne van der Weijde, Dangote Cement CEO. “We remain optimistic that our home market of Nigeria will recover and this will restore growth and improve overall profitability.”