Cement News tagged under: Nigeria

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Dubai to acquire interest in Dangote Cement

09 September 2014, Published under Cement News

Investment Corporation of Dubai (ICD), the main investment arm of the Emirate of Dubai, has agreed to purchase a minority interest in Nigeria's largest cement manufacturer, Dangote Cement plc, from majority shareholder, Dangote Industries Ltd. Under the terms of the agreement, which was signed at a ceremony in Dubai attended by HE Mohammed Ibrahim Al Shaibani, executive director and CEO of the Investment of Corporation of Dubai and Aliko Dangote, president and CEO of Dangote Industr...

CCNN first-half net income boosted by cost cuts, Nigeria

08 September 2014, Published under Cement News

The Cement Company of Northern Nigeria (CCNN) achieved a 91 per cent increase in profit for the first six months of the year helped by a reduction in operating and financing costs. For the first six months to the end of June, the Sokoto-based company’s net profit climbed to NGN1.58bn from NGN832.2m in the same period of last year. The rise is attributed cost control measures as distribution and administrative expenses fell by 44 per cent to NGN1.32bn in 1H14 from NGN2.34bn versus 1H13. Si...

Dangote rolls out price cuts, Nigeria

05 September 2014, Published under Cement News

Dangote Cement yesterday said it has reviewed the price of its cement in Nigeria and announced a price cut of NGN100 (US$1)/50kg bag. Speaking to local journalists, the company's managing director, Edwin Devakumar, said that the new prices would be rolled out to distributors as of 4 September 2014. Mr Devakumar also stated that to further comply with the Standards Organisation of Nigeria (SON) directive and regulations, the company has announced plans to launch its grade of premium 32...

Unicem kicks off Mfamosing expansion project

01 September 2014, Published under Cement News

The groundbreaking ceremony for United Cement Co of Nigeria’s (Unicem) new 2.5Mta line at its Mfamosing works took place on Tuesday, 2 September 2014 in the presence of the country’s president Goodluck Jonathan. Speaking at the ceremony, the president said: “Today’s event by UniCem is yet another milestone for the company, the industry and the nation at large as this event brings additional 2.5Mta to the nation's existing capacity. The new line, which will add to Mfamosing’s existing 2....

Lafarge Cement Wapco pretax profit and revenue rise

27 August 2014, Published under Cement News

Lafarge Cement Wapco reported a double-digit rise in pretax profit and revenue for the first half of 2014 as demand remained strong despite the rainy season slowing building activity. The company, which last month merged with Lafarge’s South African subsidiary, reported a pretax profit of 29 per cent rise in first-half to NGN17.74bn (US$85m). Revenue rose by 12 per cent to NGN55.35bn (US$341m) from NGN49.48bn in the corresponding period of last year. The company said it achieved growth ...

Nigeria: Dangote pretax profit dips

18 August 2014, Published under Cement News

Nigeria's Dangote Cement said on Friday its half-year pretax profit fell to NGN107.06bn (US$659.4m), down 0.57 per cent from NGN107.68bn a year ago. However, turnover rose to 208.91bn during the six months period to 30 June 2014, compared with NGN198.46bn last year, the cement company said in a filing with Nigerian Stock Exchange.

Nigeria: Ashaka trebles profit in 1H14

11 August 2014, Published under Cement News

Nigerian Lafarge subsidiary Ashaka Cement has reported a 1H14 profit after tax of NGN3.51bn (US$21.5m), a 201 per cent increase than its 1H13 figure of NGN1.15bn. Pretax profits at the company surged 166 per cent YoY from NGN1.65bn to NGN4.39bn in 1H14. The stellar rise in profit figures has been attributed partly to Ashaka's switch to coal from the Maiganga Coal Mine in Gombe State, a significantly cheaper alternative in its power generation. This resulted in a reduction of production co...

Ashaka to fast-track Gombe plant expansion, Nigeria

18 July 2014, Published under Cement News

The board of directors of Nigerian producer Ashaka Cement plc, with the support of parent company Lafarge, has agreed to fast-track the expansion of its US$617m cement plant in Gombe state. Guillaume Roux, CEO of Lafarge Nigeria and Benin Republic, had said that the investment of US$617m in Nigeria was a demonstration of its commitment to the economic growth of the country. Chairman of the board of Ashaka Cement, Alhaji Umaru Kwairanga, confirmed the developments, telling local press that...

Lafarge expansion to upset Dangote Cement plans?

11 July 2014, Published under Cement News

Lafarge Wapco’s shareholders have approved the merger between the Nigerian unit of French cement maker Lafarge, Lafarge Wapco, and its wholly-owned South African subsidiary. The consolidation of the South African unit with Nigeria’s Lafarge Wapco, Lafarge says, will help accelerate its growth on the African continent and expand its product offering in South Africa and across the region. The merger, analysts say, is a clear signal of Lafarge’s intent to compete for a larger share of Africa’...

Nigeria: Lafarge to invest US$307m into Ashaka Cement expansion

08 July 2014, Published under Cement News

Ashaka Cement (Lafarge Group) has secured a NGN50bn (US$307m) credit facility, in addition to internally-generated cash flows to expand its cement production base. Umaru Kwairanga, chairman of the Board of AshakaCem plc, disclosed that Lafarge Group was committed to the capacity expansion project in Ashaka and would deploy its global expertise in procurement and erection of new cement plant. “Given the extent of preparatory work that has been done, the project is a reality and will s...