Cement News tagged under: Nigeria

RSS feed

Dangote Cement looks to raise NGN100bn from bonds

06 April 2020, Published under Cement News

Nigeria’s Dangote Cement is seeking to raise up to NGN100bn (US$257.23m) from the bond market, under its NGN300bn debt issuance programme. The funds from the company’s first offering in the bond market would be used to refinance existing short-term debt used for cement expansion projects, working capital and other corporate purposes, according to This Day.

BUA provides funds for COVID-19 relief in Nigeria

31 March 2020, Published under Cement News

Nigeria’s BUA has fulfilled a pledge by transferring NGN1bn (US$2.6m) of funds to the COVID-19 relief account with the Central Bank of Nigeria. In addition, the group also announced another donation of NGN300m to Sokoto, Edo and Ogun states to further assist an adequate COVID-19 response. These additional donations will be made on behalf of its BUA Cement subsidiary which has major production operations in these states, whilst Ogun was also selected as a beneficiary due to its proximity t...

Dangote Cement sees modest revenue decline in 2019

27 February 2020, Published under Cement News

Nigeria’s Dangote Cement has seen a modest 1.1 per cent YoY decrease in revenue to NGN891.67bn (US$2.45bn) for 2019, compared to NGN901.21bn in the previous year. EBITDA also fell 9.2 per cent YoY to NGN395.43bn from NGN435.26bn, while the margin declined to 44.3 per cent from 48.3 per cent in 2018. Total cement sales volumes in 2019 remained largely consistent YoY at 23.566Mt against 23.535Mt in 2018. "Dangote Cement maintained strong financial performance despite a low growth environmen...

Dangote Cement receives approval for share buyback

23 January 2020, Published under Cement News

Nigeria’s Dangote Cement has received shareholder approval to complete a share buyback scheme within 12 months. Under the plans, 1.7bn out of a total of 17.04bn ordinary shares will be repurchased.  Aliko Dangote, Dangote's chairman, has confirmed the scheme will be funded out of the profits of the company. He also noted that a number of shares under the programme are required to be cancelled in accordance with Securities and Exchange Commission and Nigerian Stock Exchange rules. As a res...

BUA Cement formally lists on Nigerian Stock Exchange

10 January 2020, Published under Cement News

Nigeria’s BUA Cement has been formally listed on the country’s stock exchange with a market capitalisation of over NGN1.2trn (US$3.32bn). The listing brings a conclusion to the merger process between the BUA-owned entities, Cement Company of Northern Nigeria (CCNN) and Obu Cement Co. The listing has seen BUA Cement become the third-most capitalised stock on the Nigerian Stock Exchange. "We are coming into the market at the beginning of the year and since trading has commenced, we expect t...

Shareholders approve CCNN-Obu merger

06 December 2019, Published under Cement News

Shareholders of Cement Co of Northern Nigeria (CCNN) and Obu Cement Co have unanimously approved the merger of the two entities into Obu Cement plc. This implies that all the assets, liabilities, licences and undertakings of CCNN, including employees, real property and intellectual property right, have been transferred to Obu Cement. Also, the entire issued share capital of CCNN, comprising 13,143,500,966 ordinary shares of 50 kobo each be cancelled and CCNN be dissolved without being woun...

Dangote plans to construct 1.5Mta plant in Togo

12 November 2019, Published under Cement News

Nigeria’s Dangote Industries Ltd has reportedly signed a contract with the government of Togo to build a cement factory in the country. The 1.5Mta grinding plant is expected to represent an investment of US$60m. The project will be constructed in Lomé and use clinker produced in Togo and Nigeria, according to a statement. Construction of the facility has been scheduled for the 1Q20.

Dangote Cement Group's unaudited 9M19 results see volumes rise 1.1%

31 October 2019, Published under Cement News

Dangote Cement Group's unaudited results for the 9M19 to 30 September 2019 saw group volumes up 1.1 per cent to 18Mt and Nigerian sales up 0.6 per cent to 10.8Mt, driven by strong 3Q19 promotional activity. Pan-African cement volumes rose by 1.7 per cent to 7.1Mt for the 9M19. However, group revenue fell by 0.8 per cent to NGN679bn (US$1.88bn) and group EBITDA slipped by 10.1 per cent to NGN303.2bn. Joe Makoju, Group Chief Executive Officer said: "The huge success of our Bag of Good...

BUA Group consolidates cement subsidiaries

31 October 2019, Published under Cement News

BUA Group, has announced the consolidation of its subsidiaries Cement Company of Northern Nigeria Plc (CCNN) and Obu Cement Company Plc. The move is part of its bid to deepen the Nigerian capital market and enhance the growth of the cement industry, said BUA Group. Commenting on the development, the Founder & Executive Chairman of BUA Group, Abdul Samad Rabiu, said this consolidation would mark the culmination of the first phase of the BUA mid-term strategic plan for its cement businesses,...

Cement Co of Nigeria doubles 9M revenues

29 October 2019, Published under Cement News

Cement Co of Nigeria saw 9M revenue advance 117.2 per cent to NGN42.51bn (US$5.3bn) in 2019 from NGN19.57bn in the 9M18, reports Reuters News. In addition, the company posted a 9M profit before income taxes of NBN11.68bn, up 103.8 per cent when compared with NGN5.73bn in the 9M18. Cement Co of Nigeria markets its cement under the Sokoto Cement brand name. The company is majority-owned by BUA International Ltd.