Cement News tagged under: Nigeria
Dangote responds to Obajana plant closure10 October 2022, Published under Cement NewsDangote Cement Plc wishes to enlighten stakeholders and the public on the recent shutdown at its Obajana Cement plant in Kogi State. Dangote Cement said, "thugs and local vigilantes from the State Government invaded and sealed the Obajana Cement plant [last Wednesday] over alleged claims of unpaid taxes and Kogi State Government purported equity interest in Dangote Cement PLC. This development led to several of our staff being harmed by these thugs and local vigilantes." Dango... |
Dangote's Obajana cement factory closed off06 October 2022, Published under Cement NewsDangote Cement's Obajana cement factory in Kogi state, Nigeria, has been sealed off by Kogi State Internal Revenue Service (KGIRS). The plant has been closed off because KGIRS is investigating the company over tax evasion and acquisition controversy, according to Politics Nigeria. In explaining the action, Kingsley Fanwo, the Kogi State Commissioner for Information, said: “Pursuant to the Constitutional authorities of the Kogi State House of Assembly, and upon petition by the people of... |
What's driving Nigerian cement demand?02 September 2022, Published under Cement NewsBUA Cement announced this week that it would seek finance from the International Finance Corp (IFC) for a 6Mta cement expansion of its Sokoto cement plant in Kalambaina, Nigeria. The aim is to make Nigerian cement production more sustainable and reduce the cost of the product, according to BUA Cement. But what other drivers have continued to bolster cement capacity growth in the west African country? While domestic demand has been growing rapidly and caused cement prices to spiral upward, t... |
Fuel and power costs soar in Nigeria17 August 2022, Published under Cement NewsDangote Cement and BUA Cement spent a combined NGN173.54bn (US$413.8m) on fuel and power in the first half of 2022, up 38.3 per cent on the same period a year earlier. Fuel and power accounted for 41.3 per cent of the total cost of sales reported by the two cement firms over the six-month period, according to Nairametrics. Taking each company in turn, Dangote spent NGN129bn on fuel and power in the first half of 2022, up 31.3 per cent YoY, causing the cost of sales to advance by 16.8 ... |
BUA Cement achieves net revenue of NGN188.6bn in 1H2205 August 2022, Published under Cement NewsBUA Cement reported net revenue in the 1H22 up 51.7 per cent to NGN188.6bn from NGN124.3bn (US$452m), compared to the corresponding period ended June 2021. This included added volumes for the new line 4 at Sokoto . EBITDA increased by 49.7 per cent to NGN87.5bn from NGN58.4bn comprard to the 1H21. EBITDA margin fell marginally by 0.6 percentage points to 46.4 per cent from 47 per cent, in June 2021. Profit after tax rose 41.4 per cent to NGN61.4bn from NGN43.4bn, in the 1H21. Cement v... |
Dangote Cement's revenue rises 17% to NGN808bn in 1H2202 August 2022, Published under Cement NewsDangote Cement reported group revenue of NGN808bn (US$1.942bn) in the 1H22, a rise of 17 per cent YoY. Group EBITDA rose by 6.3 per cent to NGN373.2bn and profit after tax fell 10.2 per cent to NGN172.1bn. Group sales volumes totalled 14.2Mt, down seven per cent. Nigerian volumes fell 5.3 per cent to 9.3Mt in the 1H22. Net debt stood at NGN423bn with a net gearing of 54.5 per cent. “Although significant increase in energy and AGO costs are impacting production, we are strengtheni... |
BUA to expand Kalambaina plant27 July 2022, Published under Cement NewsBUA Cement is reportedly in talks with the International Finance Corporation (IFC) over a loan to expand its integrated cement plant in Kalambaina, Sokoto State, Nigeria. According to Reuters, the company is looking to increase the plant's cement production capacity from 2Mta to 8Mta. |
BUA approves dividend and sets 2023 deadline for current expansion projects26 July 2022, Published under Cement NewsBUA Cement Plc shareholders have approved dividends of NGN88.047bn (US$96.3m) for the financial year ended 31 December 2021 at NGN2.60k per ordinary share of 50k each. This approval was given during the company’s 6th Annual General Meeting held in Abuja and comes on the back of a strong financial performance in the year under review, which recorded revenue growth of 22.9 per cent from NGN209.4bn in 2020 to NGN257.3bn in 2021. Profits after tax also rose by 24.5 per cent YoY to NGN90.1bn in... |
Dangote Cement partners with UNEP18 July 2022, Published under Cement NewsDangote Cement has formed a partnership with the United Nations Environment Programme, the National Environmental Standards and the Regulations Enforcement Agency as part of its initiatives to promote environmental sustainability. The announcement comes as the company commemorates World Environment Day 2022 at all 14 of its production plants across Nigeria and the rest of Africa, reports The Punch. According to Dr Igazeuma Okoroba, head of sustainability at Dangote Cement, "World Enviro... |
Mangal Industries Ltd performs plant groundbreaking ceremony18 July 2022, Published under Cement NewsMangal Industries Ltd has performed the groundbreaking ceremony of a greenfield cement plant in Iluagba, Kogi State, Nigeria. Mangal Industries had signed a US$600m deal with Sinoma International Engineering, of China, for the construction of a 3Mta cement plant and a 50MW captive power plant in Kogi State. Mangal Industries Ltd's Managing Director, Engr Fahad Mangal said shortly after the ceremony that the project is expected to be completed by the end of the 1Q24. According to him... |