Cement News tagged under: Nigeria
Rising cement prices hit housebuilding in Nigeria15 May 2023, Published under Cement NewsRising cement prices in Nigeria are hampering housing development plans across the country. According to a survey by The Guardian, prices of building materials have soared by over 70 per cent between January 2022 and May 2023. A 50kg bag of cement that was selling for NGN3500 (US$7.60) in 2022 now hovers around NGN4700-4800, according to the survey, due to the rise in cost of limestone, clay and gypsum. As a result, cement-based blocks, which previously sold at NGN380-400 are now selling at... |
Clinker substitution takes hold in Africa12 May 2023, Published under Cement NewsGhana's cement producers have struck out on a decarbonisation and low-carbon cement path. By using local resources for raw materials and reducing the clinker factor, cement manufacturers are targeting reduced imports of clinker and lower cement prices, as well as the benefits of CO2 reduction. This week the Director-General of Ghana Standards Authority, Professor Alex Dodoo, confirmed that plans are underway to build factories that can manufacture a substitute for clinker. "We have publishe... |
BUA Cement posts 9.7% rise in net revenue in 1Q2312 May 2023, Published under Cement NewsBUA Cement reports its net revenues rose by 9.7 per cent to NGN106.4bn for the quarter from NGN97bn (US$209.7m) in the same period a year ago. BUA Cement’s 1Q23 revenue per tonne increased by 18.5 per cent to NGN66,250/t from NGN55,904/t in the 1Q22. EBITDA declined by 2.8 per cent to NGN45bn from NGN46.3bn in the 1Q22. Earnings were offset by increases in raw materials, higher energy costs, depreciation charges, distribution costs and debt issue expenses. Costs of sales rose ... |
Lafarge Africa launches its Ewekoro bagging plant04 May 2023, Published under Cement NewsLafarge Africa ( Holcim group ) has launched a bag manufacturing plant in Ewekoro , Nigeria. The plant features cutting-edge and state-of-the-art machinery and equipment, the first of its kind in the country. With an installed capacity of 105m bags, of which 8.8m will be produced monthly, the plant is designed to handle large-scale production of bags in a safe and efficient manner. In addition, this investment further drives Lafarge Africa’s sustainability agenda as it reduces the CO... |
Dangote Cement volumes fall 14% in 1Q2302 May 2023, Published under Cement NewsDangote Cement has reported a 1.6 per cent YoY decline in group revenue to NGN406.7bn (US$883.2m) in the first quarter of 2023. Group EBITDA over the same period fell 12 per cent to NGN185.7bn, while pan-Africa EBITDA came in at a record NGN31.2bn, up 71 per cent YoY. Group profit after tax advanced by 3.4 per cent YoY to NGN109.5bn, with earnings per share improving by 4.2 per cent to NGN6.44. Group sales volumes fell 13.5 per cent to 6.3Mt, while pan-Africa volumes expanded by 8.9 per ce... |
Lafarge Africa 1Q23 sales up 1.3% YoY02 May 2023, Published under Cement NewsLafarge Africa has reported a 1.3 per cent YoY uptick in net sales to NGN91,821m (US$199.4m) in the opening quarter of 2023. Recurring EBIT over the same period was up 0.8 per cent to NGN22,239m, while the recurring EBIT margin remained steady at 24 per cent. Profit before tax improved by 4.7 per cent YoY to NGN22,481m, but profit after tax saw a 14.9 per cent decline to NGN14,935m. Free cash flow in the 1Q23 came in at NGN4659m, up from a loss of NGN5113m in the same quarter a year ea... |
BUA Cement revenue rises by 9.7% in 3M2328 April 2023, Published under Cement NewsNigerian-based BUA Cement reported a revenue increase of 9.7 per cent to NGN106.9bn (US$232.2m) for the the three-month period ended March 2023 from NGN97bn in 3M22. Operating profit dropped by 9.4 per cent to NGN38.4bn for the 3M22 from NGN42bn in 3M22. Profit before tax fell by 15.6 per cent to NGN35.5bn from NGN42bn in 3M22. |
BUA Cement's revenue increased by 40% in 202209 March 2023, Published under Cement NewsBUA Cement Plc of Nigeria reported that revenue increased by 40.3 per cent or NGN103.7bn (US$22 5.3m) in 2022 to NGN361bn from NGN257.3bn in 2021, given the combination of pricing activities and increased volume dispatched (including added volumes from the new Line 4 in Sokoto). Cement volumes in 2022 totalled 6.27Mt. The company's revenue per tonne increased by 21.2 per cent to NGN57,511/t in 2022 from NGN47,448/t, as at 2021. "This was due to pricing activities during the year," s... |
Dangote Cement opens US$130m commercial paper offer07 March 2023, Published under Cement NewsDangote Cement is currently raising NGN60bn (US$130.7m) through the issuance of commercial paper, under its NGN150bn commercial paper programme, reports The Nigerian Observer. The offer opened on 3 March 2023 and will close on 7 March 2023. The funds raised will be used for working capital requirements and general corporate purposes, the company stated in the offer document. The offer comes in two series - 6 and 7. Series 6 is a 181-day offer with a discount rate of 11.4310 per cent and... |
Lafarge Africa sees net sales improve 27% YoY06 March 2023, Published under Cement NewsLafarge Africa Plc has reported a 27.3 per cent rise in net sales in FY22 to NGN373.2bn (US$812.9m), compared to NGN293.1bn in FY21. Recurring EBIT over the same timeframe advanced by 29.3 per cent to NGN84.2bn with the recurring EBIT margin moving from 22 per cent in FY21 to 23 per cent a year later. Earnings per share over the same period improved by 5.2 per cent from NGN3.17 to NGN3.33. Khaled El Dokani, CEO of Lafarge Africa, commented, “In 2022, we recorded 27.3 per cent and 29.3... |