Cement News tagged under: Nigeria

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Dangote sees 53% pretax profit rise, Nigeria

29 July 2013, Published under Cement News

Dangote 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 Cement

11 June 2013, Published under Cement News

Public 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 imports

03 June 2013, Published under Cement News

The 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 plant

28 May 2013, Published under Cement News

Dangote 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 plans

17 May 2013, Published under Cement News

Lafarge 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%, Nigeria

08 May 2013, Published under Cement News

Lafarge 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, Nigeria

07 May 2013, Published under Cement News

Siemens 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...

Dangote sees strong start to second quarter, Nigeria

02 May 2013, Published under Cement News

Nigeria’s largest cement producer, Dangote Cement, has said strong demand in April is likely to help boost second-quarter revenue to NGN98.5bn (US$623.3m). However, the start-up of its long-awaited plant in Senegal  is facing further delays due to land issues. Dangote said in a statement that pretax profit is expected to reach NGN50.6bn (US$320m). First-quarter net income rose 81 per cent to NGN53.7bn as volumes rose by 38 per cent. “The year has begun well for Dangote Cement and our 38 p...

Dangote Cement Update

30 April 2013, Published under Cement News

Recorded at the recent Cemtech MEA 2013, DVG Edwin gives an update on the regional expansion and project status of Dangote Cement (Nigeria).

Dangote Cement net profit boosted by increased capacity

25 April 2013, Published under Cement News

Dangote Cement Plc, Nigeria’s largest cement producer said full-year profit gained 24 per cent attributed to increased capacity improving sales. Net income for the year through December advanced to NGN149.6bn (US$941.8m) from NGN120.9bn earlier, the company said in an e-mailed statement.  Revenue rose 24 per cent to NGN298.5bn. Chairman Aliko Dangote, said new capacity accounted for a 20 per cent increase in sales. “By the end of 2012 we were preparing to make Nigeria an exporter of c...