Cement News tagged under: Dangote Cement

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Dangote sets eyes on PPC Group

11 September 2017, Published under Cement News

Aliko Dangote is considering counter offers for the PPC Group and as such could spark a bidding contest for South Africa’s largest cement producer, reported The Star who quoted people close to the subject. Dangote Cement sees the bid as a way to accelerate its pan-African expansion, but the company is only one of several companies keeping a close eye on the bidding. PPC has already received one rival offer to the AfriSam Group bid from Canada-based Fairfax Financial Holdings and both bids...

Dangote Cement to operate gas power plant in Tanzania by September

11 August 2017, Published under Cement News

Dangote Cement plans is to set up a gas-powered plant in Tanzania by September to reduce its operational costs and its reliance on diesel. Dangote annunced that it has invested US$90m in the construction of the coal/gas-fired power station to be fed with natural gas at a negotiated rate by the Tanzania Petroleum Development Corporation. Dangote stated that the Mtwara plant increased volumes by more than 64 per cent to nearly 0.388Mt in its 1H17 results, pushing the six months sales to mo...

Dangote Cement sells 2.3% stake to foreign investors

02 August 2017, Published under Cement News

Nigeria's Dangote Industries Ltd sold a 2.3 per cent stake in Dangote Cement to foreign investors on Tuesday in a stock market deal valued at NGN86.1bn (US$236m), Reuters reported yesterday. Dangote Cement has been selling small stakes to increase its free float. A spokesman for the Nigerian Stock Exchange said 416 million shares of Dangote Cement were sold on Tuesday at NGN210 each in six off-market deals negotiated between Stanbic IBTC and Meristem stockbrokers.

Dangote Cement's 1H17 revenues rise by 41%

31 July 2017, Published under Cement News

Dangote Cement has released its 1H17 results, announcing group revenues of NGN412.7bn (US$1.31bn), up 41.2 per cent, and an EBITDA of NGN203.7bn, up 53.7 per cent. In Nigeria total cement demand reached 10.2Mt in January-June 2017, according to Dangote estimates. This represents a 23.2 per cent contraction when compared with 1H16, when demand was estimated at 13.3Mt. Of total market sales in the 1H17, just 0.1Mt was imported. As a result of the fall in domestic cement consumption, Dang...

Dangote Cement's pan-African expansion boosts financial strength

21 July 2017, Published under Cement News

Dangote 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 Cement

06 July 2017, Published under Cement News

Moody’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 order

22 June 2017, Published under Cement News

Dangote 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 completion

02 June 2017, Published under Cement News

Dangote 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 performance

02 May 2017, Published under Cement News

Dangote 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 plan

23 March 2017, Published under Cement News

Regional 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...