Cement News tagged under: Nigeria
Nigeria: Nigercem to begin production in Ebonyi06 June 2016, Published under Cement NewsNigercem will soon commence cement operations at the Nigeria Cement Company in Nkalagu, Ebonyi State. A deed was signed to settle terms between Nigercem and representatives from four host communities - Nkalagu, Nkalaha, Umuhuali, Amaezu and the Ebonyi State Government. With the signing of this pact any previous legal battles affecting the reopening of the cement company have been put to rest. Core investor, Ibeto Cement Company, thanked Ebonyi State Governor, David Umahi for creating a... |
Nigeria: Dangote majority contributor to solid mineral revenues26 May 2016, Published under Cement NewsThe Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Dangote paid NGN15.9bn (US$80m) in taxes on solid minerals in 2013, more than the rest of the industry combined, Vanguard reports. The NEITI report showed that in 2013 the government of Nigeria received revenues of NGN33.86bn (US$170m) in taxes on solid minerals, to which Dangote paid 53 per cent. In all, five cement companies – Dangote, CCNN, Ashaka, Unicem and WAPCO (the last three all owned by LafargeHo... |
Zimbabwe: Dangote investment16 May 2016, Published under Cement NewsNigerian billionaire Aliko Dangote has said he will not rescind on the decision to invest in Zimbabwe, despite negative reports concerning the country’s economy. Mr Dangote said in an interview that he currently has a team in Zimbabwe finalising logistics and making preparations to begin operations. His conglomerate intends to set up a cement manufacturing plant capable of producing 1.5Mt per year, whilst also investing in power generation and coal mining. Mr Dangote has already secured th... |
LafargeHolcim: cement volumes up 1.4% but revenues flat12 May 2016, Published under Cement NewsIn its results for 1Q16, LafargeHolcim announced that cement volume sales rose by 1.4 per cent YoY with the Asia-Pacific region accounting for most of the improvement. Like-for-like revenues were almost unchanged on 1Q15, rising by just 0.1 per cent to stand at CHF6.062bn (US$6.244bn). In the earnings statement, LarfargeHolcim cited “challenging” conditions in Nigeria, Brazil and India as the reason for slow growth. The company also noted that the first quarter typically saw less activity... |
Nigeria: Ashaka building power plant12 May 2016, Published under Cement NewsManagement of Ashaka Cement Plc has concluded plans to build its own power plant due to concerns over an inadequate supply of electricity to power its operations. Alhaji Suleiman Yahyah, Ashaka Cement's chairman, has said that the project is expected to reach completion within three years and will contribute its excess power to the national grid. Mr Yahyah noted, “There will be diverse efficiency gains from 2016, for example, developments and operational initiatives, such as the use of l... |
Dangote Cement29 April 2016, Published under Cement NewsDangote Group has signed a US$2bn loan with the Industrial Commercial Bank of China Ltd for its two new cement plans in Nigeria. Work has already begun on one factory in Okpella in the south of the country, which is due to start production in mid-2018. The plant, which is expected to cost US$1bn, will have a production capacity of 6Mta. A second works at Itori will boost the company’s capacity in Nigeria to 41Mta. Construction is also underway on Dangote’s new 3Mta plant in Cote d’Ivoire.... |
Lafarge Africa posts US$9.5m quarterly loss as price squeeze bites29 April 2016, Published under Cement NewsNigerian-based Lafarge Africa has seen revenues fall by 29 per cent to NGN52.4bn (US$263m) in the first quarter of 2016, leading the company to record an after-tax loss of NGN1.9bn (US$9.5m). According to Bloomberg, Lafarge – which did not comment on the results – had said late last year that pressure on prices and a market slowdown were presenting challenging trading conditions in Nigeria and other African countries. Lanre Buluro, an equity broker and analyst with Primera Africa Secur... |
Dangote: 1Q2016 profits down 22% as volumes rise 70%26 April 2016, Published under Cement NewsDangote Cement has released its results for the year to March 31 2016. During this period volume sales grew 69.6 per cent to 6.4Mt, while profits slipped from NGN70bn (US$352m) to NGN55bn (US$276m). Price cuts in Dangote’s Nigerian home market meant that even as volumes climbed 45 per cent to 4.5Mt revenues increased more slowly, rising by 5.7 per cent to NGN107bn (US$538m). The firm estimates that its market share in the period was 66 per cent. Volume growth in other west and central ... |
Dangote: Nigeria’s currency woes will not alter expansion plans22 April 2016, Published under Cement NewsDangote Cement’s annual general meeting, held in Lagos, has seen Aliko Dangote set out his plans to grow the business despite worsening economic conditions, particularly in the company’s Nigerian base. According to reports in This Day, Mr Dangote claimed that foreign exchange volatility – a reference to the Nigerian government’s resistance to calls to devalue the naira – would have no significant impact on the company and its expansionary strategy. Addressing the AGM, Mr Dangote said: ... |
Nigeria: Lafarge Africa sees FY15 growth of 2.5%20 April 2016, Published under Cement NewsLafarge Africa recently released its FY15 financial results, which showed a 2.5 per cent YoY growth in revenue and a 20 per cent decline in profit after tax, PAT, over the same period in 2014, reports All Africa. The company managed to grow its top-line amid the challenging market and economic headwinds it faced during the year, largely driven by the growth in its ready-mix sales and its southwest operations in Nigeria. Its ready-mix operations in Nigeria continued to show great strength wi... |