Cement News tagged under: Dangote Cement

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Dangote Cement commits to CNG trucks by 2025

31 May 2024, Published under Cement News

Dangote Cement has pledged that all of its trucks will be operating on compressed natural gas (CNG) by the end of 2025, reports Vanguard. According to the company, investments are already being made to ensure that thousands of its delivery trucks are run on CNG as part of the federal government’s agenda on the use of alternative fuels for official vehicles.  The announcement came at Dangote’s annual general meeting in Lagos, where the company also gave an update on the ongoing construct...

Gunmen abduct Dangote workers at Okpella

15 May 2024, Published under Cement News

Gunmen stormed Dangote Cement ’s Okpella plant in Edo State, Nigeria, on 14 May, abducting dozens of plant workers, according to Business Day. Eye witnesses say the gunmen opened fire on a convoy of plant workers. The number of workers injured is currently unknown.  The attack has been confirmed by Michael Odofin, a spokesperson for Okpella Cement Plc. “I cannot give any details right now but our workers were attacked. The attack is still fresh. We have no one killed,” said Mr Odofin.

House of Representatives summons Nigerian producers

09 May 2024, Published under Cement News

Dangote Cement and BUA Cement are among a number of cement producers that have been given 14 days to appear before the House of Representatives in Nigeria. The companies were initially summoned by the House to appear in early May as part of an investigation into the hike in cement prices across the country but failed to show, reports Premium Times. Jonathan Gbefwi, chair of the House of Representatives committee, took the opportunity to lament the high cost of buildings materials in N...

Dangote Cement announces Philip retirement

06 May 2024, Published under Cement News

Dangote Cement has announced the retirement of its Deputy Group Managing Director, Mathew Philip. Mr Philip retired from the cement producer on 30 April 2024, reports Business Day. “The company extends its appreciation to Mathew for his significant contributions and improvement to the operations of the business and wishes him well in his future endeavors,” said the company in a statement.  

Dangote reports 101% revenue surge in 1Q24

30 April 2024, Published under Cement News

Dangote Cement has reported group revenue of NGN817.4bn (US$659m) in the first quarter of 2024, ended 31 March, marking a 101 per cent surge YoY. EBITDA advanced by 66.6 per cent over the same period to NGN309.5bn, giving a 37.9 per cent margin, while group volumes advanced 12.3 per cent to 7Mt. Profit after tax stood at NGN112.7bn, up 2.9 per cent YoY.  In Nigeria, Dangote saw a strong rebound in volumes, up 26.1 per cent YoY to 4.6Mt. This resulted in EBITDA growth of 41.8 per cent to...

Dangote boosts revenue by 36% in 2023

04 March 2024, Published under Cement News

Dangote Cement has reported revenue of NGN2.208trn (US$1.365bn) in 2023, up 36.4 per cent from the NGN1.618trn posted in the previous year. Operating profit over the same period advanced from NGN585.88bn to NGN734.27bn, marking an increase of 25.3 per cent. Gross profit saw a 25.8 per cent advance YoY to NGN1.202trn, while profit after tax improved by 19.2 per cent from NGN382.31bn in 2022 to NGN455.58bn a year later. Earnings per share saw growth of 18.9 per cent over the same timefram...

Dangote Cement attracts substantial investment

24 January 2024, Published under Cement News

Dangote Cement has become the first company to be valued at NGN10trn (US$11.76bn) on the Nigerian stock market. The company’s share price advanced by 9.99 per cent on 22 January 2024 to close at NGN592.60 per share, giving the company a market value of NGN10.1trn. The news follows an NGN6bn investment in Dangote Cement by Femi Otedola, a Lagos-based billionaire.  Mr Otedola told Nigerian media that the move was part of his overall strategy to ensure long-term wealth preservation and und...

Sephaku Holdings' profit eroded by rising costs

14 November 2023, Published under Cement News

Sephaku Holdings (Sephold) reported revenue of ZAR626.6m (US$33.44m) in the six months ended 30 September 2023, marking a 19.7 per cent YoY improvement. However, net profit after tax over the same period declined from ZAR26.7m to ZAR19.7, while headline earnings per share fell from 11.26 cents to 7.54 cents, reports IOL.  According to the company, although activity in the construction industry improved, particularly in the civil construction and non-residential sectors, the rising cost...

Dangote posts 53% YoY rise in revenue in 3Q23

30 October 2023, Published under Cement News

Dangote Cement Plc has reported revenue of NGN563.77bn (US$703.77m) in the third quarter of 2023, up 52.7 per cent compared to the same period in the previous year. Gross profit over the same period advanced by 46.3 per cent to NGN304.11bn, while pretax profit surged 132.4 per cent to NGN165.03bn. Profit after tax leapt to NGN98.95bn, marking a 141.3 per cent YoY advance. Meanwhile, earnings per share were up by 138.3 per cent YoY to NGN5.38 in the 3Q23.  Even with a 33 per cent YoY ris...

Dangote to cut fossil fuel use by 25% by 2025

13 September 2023, Published under Cement News

Dangote Cement aims to reduce its dependence on fossil fuels by 25 per cent by 2025, according to Dr Eseosa Ighile, head of sustainability at the company’s Obajana plant. So far the company has put in place several strategies to cut greenhouse gas emissions as part of Dangote’s commitment to Sustainable Development Goals 12 and the adoption of alternative fuels (AFs), reports The Punch. “We are working towards installing AF feeding systems in all our operation lines by 2024,” said Dr ...