Cement News tagged under: Nigeria
Nigeria: CCNN requires NGN45bn for new line23 August 2013, Published under Cement NewsA new 1Mta clinker line together with a coal grinding mill and accessories is likely to cost Cement Company of Northern Nigeria (CCNN) around NGN45bn (US$278m). CCNN intends to add the new kiln line, which will produce its Sokoto brand of cement, to meet rising demand in Nigeria. Demand rose to 18.3Mt last year and since 2005, the cement industry nearly doubled its capacity, according to local newspaper Business Day. The Nigerian market is continuing to grow and producers are still play... |
Ashaka Cement appoints two new directors, Nigeria09 August 2013, Published under Cement NewsNigeria-based producer Ashaka Cement has announced the appointment of two new directors, the company said in a statement to the Nigerian Stock Exchange. The two new members are Lamido Abba Turkur and HRH Alhaji Abubakar Muhammad Kwairanga (Emir of Funakaye). Ashaka Cement reported a 54.4 per cent decline in first-half 2013 pretax profit to NGN1.65bn (US$10.3m) from NGN3.55bn a year ago. Turnover also fell to NGN11.81bn during the six months to June 30, compared to NGN12.26bn in the same p... |
Ashaka Cement first-half pretax profit falls 54.4%, Nigeria02 August 2013, Published under Cement NewsAshaka Cement reported a 54.4 per cent decline in first-half 2013 pretax profit to NGN1.65bn (US$10.3m) from NGN3.55bn a year ago. Turnover also fell to NGN11.81bn during the six months to June 30, compared to NGN12.26bn in the same period of last year. Askaka Cement, in which Lafarge holds a 59 per cent interest having increased this from 50 per cent last year. Is located in the northeastern state of Gombe. The firm owns a plant with a capacity of 0.85Mta and has initiated a programme to ... |
Dangote sees 53% pretax profit rise, Nigeria29 July 2013, Published under Cement NewsDangote Cement plc announced a NGN107.7bn (US$670m) profit before tax for the first half ended 30 June 2013. According to the firm’s six-month financial result released to the NSE, the profit before tax rose by 52.8 per cent compared to NGN70.8bn recorded in the corresponding period in 2012. Gross profit also increased, by 43.8 per cent from NGN91.9bn to NGN132.1bn, while operating profit moved up from NGN76.4bn to NGN111.1bn, indicating an increase of 45.4 per cent. The company saw... |
South African firm stakes NGN45.7bn on Dangote Cement11 June 2013, Published under Cement NewsPublic Investment Corporation of South Africa (PIC) Monday bought 255,607,605 shares or 1.5 per cent of Dangote Cement Plc for NGN45.75bn (US$0.29bn) from Dangote Industries. PIC is owned 100 per cent by South African government and it has funds valued at US$115bn under its management. Although no explanation was given by Dangote Cement regarding the acquisition, PIC is now holding 1.5 per cent in addition to the 5.11 per cent of the company’s shares available for trading on the Nigerian... |
Nigeria government outlines savings from reduced imports03 June 2013, Published under Cement NewsThe decision by the Nigerian government to not issue cement import licences in 2012 and focus on meeting domestic needs internally has saved the country approximately NGN300bn (US$1.9bn), Olusegun Aganga, Minister of Trade and Investment has said. Similarly, the government has also saved about NGN4.2trn from reducing imports since 2005, he added. Aganga noted that savings have also helped increase the country’s external reserve. "If you look at the trade numbers, import fell by 43 per... |
Dangote breaks ground on Tanzania plant28 May 2013, Published under Cement NewsDangote Cement has marked the next step of its impressive African expansion drive by laying the foundation stone for a new cement plant in Tanzania. "The groundbreaking ceremony of the 3Mt cement factory takes place today [27 May 2013] in Tanzania, a statement from the Dangote group said. The Tanzania plant forms part of the company’s plant to expanding its operations not only in its domestic market of Nigeria, but further afield in other west and central African markets. Expansi... |
Lafarge WAPCO's debt reduction plans17 May 2013, Published under Cement NewsLafarge WAPCO plans to pay off a NGN6bn (US$40m) in local debt this year, according to reports by Reuters. The company owes about NGN28.4bn (US$180.43m) in total loans, of which NGN6bn is from Nigerian banks, Fred Amobi, its chief financial officer told analysts at a conference call. He said Lafarge WAPCO had a three-year bond worth NGN11.6bn and a loan from a Nigerian development bank of NGN10.8bn in addition to the bank loans. Lafarge WAPCO, reported recorded a 50 per cent rise in it... |
Lafarge Wapco pretax profit rises over 20%, Nigeria08 May 2013, Published under Cement NewsLafarge Wapco's first-quarter pretax profit rose by 20.64 per cent YoY to NGN7.19bn (US$45.5m), compared to NGN5.96bn in the same period of last year. Revenues rose to NGN23.32bn compared to NGN22.61bn in the comparative period of 2012, it said in a filing with the Nigerian Stock Exchange. Lafarge Wapco operates three adjacent plants in Ewekoro in Ogun State, southwest Nigeria, with a capacity of 4.5Mta folliwng a capacity increase programme in 2011 and 2012. As well as its 60 per c... |
Siemens to supply Edo Cement with gas turbines, Nigeria07 May 2013, Published under Cement NewsSiemens Energy has been awarded an order for three of its model SGT-500 gas turbines to Edo Cement for a new plant being constructed by the BUA Group in Nigeria. The order marks the first deliveries of such units to the southwest African country. These industrial turbines will be deployed for electric power generation for the Okpella Cement Factory in Okpella, a city located in the Nigerian state of Edo, providing the added benefit of low emissions. "This turbine is currently undergoin... |