Cement News tagged under: Nigeria

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Dangote Cement appoints new CEO

20 January 2023, Published under Cement News

Dangote Cement Plc has named Arvind Pathak as the company’s new chief executive/managing director.  Mr Pathak will replace Frenchman Michel Puchercos, who will leave his position at the end of February after three years at as CEO. Arvind Pathak starts in his new position from 1 March. Mr Pathak led India’s Birla Corp, a cement producer, before he became the chief operating officer and deputy managing director of Dangote Cement. He formerly served at Mumbai-based Associated Cement Co L...

Nigeria: challenges abound

23 December 2022, Published under Cement News

Despite the economy being challenged by the COVID-19 pandemic, Nigerian cement demand remained robust in 2020 and 2021. While the country’s longer-term potential remains intact, pressure is building in the short- to mid-term amid slower demand growth, excess capacity and an increasingly difficult operating environment. By Moses Njuguna, EFG Hermes, Nigeria. The Nigerian cement industry has been affected in 2022 by stubborn macro headwinds at play Nigeria’s 2023-25 Medium Term Ex...

Dangote Cement receives CDP rating upgrade

16 December 2022, Published under Cement News

Dangote Cement Plc has had its CDP rating raised from B- to B in recognition of the cement producer’s commitment to climate change. The rating upgrade indicates that Dangote Cement has addressed the environmental impact of its business and ensures good environmental management. This upgrade demonstrates the continued efforts made by the company to increase its levels of non-financial disclosure and improve its sustainability reporting, said Dangote Cement in a statement. This year, for...

Quarterly results propped up by steep price increases

25 November 2022, Published under Cement News

The latest quarterly results reveal that cement producers are increasingly turning to price rises to offset the ongoing jump in energy costs, while they struggle to maintain margins. In addition to price increases, companies are reviewing their energy portfolios, fuel types and accelerating the shift to alternative fuels. In Indonesia PT Indocement  saw its energy costs reach 50 per cent of total production cost in the third quarter of 2022, prompting the company to implement three price...

Dangote wins three FMDQ awards

24 November 2022, Published under Cement News

Dangote Industries Ltd and Dangote Cement Plc have picked up three accolades at the FMDQ Gold Awards - ‘Largest Corporate Bond Lodgment on FMDG’, ’Most Trusted Brand of the Year’ and ‘Most Outstanding Conglomerate in Environmental Sustainability.’ According to FMDQ, the awards recognise excellence in the fixed incomes, currencies and derivatives markets. They also recognise resilience and agility of the Nigerian financial markets participants and acknowledge the valuable efforts of the ...

Dangote sees revenue advance 15% YoY in 9M22

01 November 2022, Published under Cement News

Dangote Cement has reported group revenue of NGN1177.3bn (US$2.68bn) in the first nine months of 2022, up 15.2 per cent YoY. Group EBITDA over the same period advanced by 0.2 per cent to NGN515.9bn, with an EBITDA margin of 43.8 per cent. Profit after tax fell 23.4 per cent YoY to NGN213.1bn, mainly due to exchange losses from the depreciation in the CFA and cede. Group sales volumes in the 9M22 came in at 20.8Mt, down 6.2 per cent YoY. “To mitigate the impact of significant increase in ...

Lafarge Africa posts 23% rise in revenue in 9M22

01 November 2022, Published under Cement News

Nigeria-based Lafarge Africa has seen its net income expand by 11.2 per cent YoY to NGN44.9bn (US$102.1m) in the opening nine months of 2022. This compares to NGN40.39bn in the same period a year earlier, according to The Day Live. Revenue over the same period advanced by 23.1 per cent to NGN269.85bn, versus NGN219.2bn in the 9M21. Revenue from cement sales alone came in at NGN261.4bn during the nine-month period this year, up 22.4 per cent on the same period in 2021. Sales from aggrega...

BUA Cement 's revenue rises by 41% in 9M22

31 October 2022, Published under Cement News

BUA Cement ’s revenue in 9M22 increased by 40.5 per cent to NGN262.6bn (US$5.99m) from NGN186.9bn as at 9M21. Operating profit increases by 31.1 per cent to NGN99.2bn from NGN75.7bn as at 9M21. Profit before tax increased by 19.5 per cent to NGN88.8bn from NGN74.3bn as at 9M21. 

Obajana to reopen, Kogi State Government to court

25 October 2022, Published under Cement News

An agreement has been reached between Kogi State Government and Dangote Group to reopen the Obajana cement plant in Nigeria. Minister of Police Affairs, Mohammed Dingyadi, disclosed this to State House correspondents after the National Security Council meeting presided over by President Muhammadu Buhari at the Presidential Villa in Abuja yesterday. “Government is committed to the provision of employment to its citizens rather than closing factories that will make people unemployed and...

Ibeto Cement reopening could provide jobs for Igbo people

20 October 2022, Published under Cement News

While Dangote Cement 's Obajana plant has caused alarm at the manner and violence of its sudden closure, the long-term closed plant of Ibeto Cement still holds the potential for thousands of jobs for the Igbo people in the southeast. Iyke Uzukwu, a Nnewi-based analyst, wants the federal government to reopen the cement plant to release these jobs. Mr Uzukwu has called on the leadership of the Ohaneze Ndigbo group, which represents the Igbo people, to add its voice to the issue of the Ibet...