Cement News tagged under: nigeria
Dangote acquires 20,000 vehicles to improve distribution13 July 2021, Published under Cement NewsNigeria’s Dangote Cement has acquired 20,000 additional vehicles to improve the distribution of its products across the country. The vehicles, made up of trucks, trailers and tippers, represent an investment of US$150m. "These assets would meet the expected increase in demand for transportation of cement to every part of the country and create employment for over 4000 people in Nigeria," said Dangote spokesperson Tony Chiejine. "We have acquired the new trucks in line with our new expan... |
Dangote maintains cement prices despite currency devaluation01 June 2021, Published under Cement NewsNigeria’s Dangote Group has not increased the price of its cement products, despite the naira devaluation by the Central Bank of Nigeria, according to The Punch. Instead, the group’s Sales and Marketing Director, Rabiu Umar, stated that it had released 2000 trucks into the market to increase distribution and counteract the cement price hike in the country. The price increase has been attributed to a sudden 40 per cent demand increase. "We in the past had an opportunity to export our ceme... |
BUA Cement announces plans for bond sale07 May 2021, Published under Cement NewsNigeria’s BUA Cement has announced plans to sell a second tranche of bonds under its NGN200bn (US$525.6m) programme to finance its expansion plans, following the release of the first NGN115bn tranche last year. Yusuf Binji, CEO, noted that the amount of the sale will depend on its funding needs but did not give an expected time for the sale. The company plans to expand capacity in the country to 20Mta from 11Mta. "We will only export our excess capacity if the Nigerian market is not able... |
Dangote Cement records robust EBITDA growth in 1Q2103 May 2021, Published under Cement NewsDangote Cement Plc announced group revenues of NGN332.7bn (US$874.4m) in the 1Q21, up 33.5 per cent. Group EBITDA rose by 55.8 per cent to NGN178bn, while Pan-African EBITDA reached NGN23.7bn, an increase of 61.9 per cent. Profits after tax increased by 48.1 per cent to NGN89.7bn. Dangote Cement's group sales volumes rose by 18.7 per cent to 7.5Mt and Nigerian volumes increased by 22.2 per cent to 4.9Mt. Pan African volume growth saw double-digit growth of 12.8 per cent. "The first ... |
Former Blue Circle director passes away15 April 2021, Published under Cement NewsAnthony J Jackson, a former director of UK-based cement multinational Blue Circle Industries PLC, sadly passed away on 29 March at the age of 87. Mr Jackson was previously the CEO of Blue Circle’s Nigerian operations, following earlier responsibilities in the UK and Australia. He was later also responsible for the Far East segment and involved in operations in Malaysia, Singapore and Indonesia. He went on to become the CEO of Blue Circle Enterprises in the UK, responsible for all non-cement... |
Dangote defends Nigerian cement prices13 April 2021, Published under Cement NewsDangote Group’s Executive Director, Devakumar Edwin, has confirmed that its ex-factory price for bagged cement in Nigeria is between NGN2450 (US$6.43) in Obajana and Gboko and NGN2510 in Ibese. The clarification has been made amid reports that the company sells cement in Nigeria at higher prices than in its other markets, particularly in Ghana and Zambia, according to Vanguard. While a bag of cement sells for an equivalent of US$5.1 in Nigeria, it sells for US$7.2 in Ghana and US$5.95 in ... |
BUA Cement sees 19% rise in profit01 April 2021, Published under Cement NewsNigeria’s BUA Cement has reported a 19.4 per cent rise in profit after tax to NGN72.3bn (US$189.5m) for 2020, compared to NGN60.6bn in the previous year. Revenue also advanced 19.3 per cent YoY to NGN209.4bn from NGN175.5bn. The company has attributed the positive results to its successful business continuity plan, alongside a growing market acceptance of BUA’s product offerings. |
Lafarge Africa reports 99% growth in FY2031 March 2021, Published under Cement NewsLafarge Africa Plc has declared a 98.8 per cent YoY growth in profit to NGN30.8bn (US$788.7m) for the FY20, compared to NGN15.5bn reported in FY19. The growth is linked to the company's cost optimisation strategy to reduce loss arising from unproductive assets. This move led to the improvement in the company’s recurring EBIT margin from 16 per cent in 2019 to 20 per cent in 2020. Lafarge's revenue expanded by 8.3 per cent YoY to NGN230.6bn, driven by the strong demand for cement... |
Dangote Cement records strong pan-African cement volumes in FY2025 March 2021, Published under Cement NewsDangote Cement's regional performance in FY20 saw its domestic market of Nigeria return volumes of 15.73Mt, a rise of 11.5 per cent on the 14.11Mt recorded in FY19. Cement and clinker sales in Nigeria rose by 14.3 per cent in FY20. The company saw a strong ‘V-shaped’ recovery in cement demand in Nigeria in the 3Q20 with volumes recorded at 4.29Mt for the quarter and this was relatively sustained with strong 4Q20 volumes of 3.91Mt. Dangote reported decreased market disruptions as a result of... |
Dangote Cement Group reports FY20 revenues of NGN1034.2bn24 March 2021, Published under Cement NewsDangote Cement Plc has released its FY20 results, reporting group revenue up 16 per cent to NGN1034.2bn (US$2718.1bn) when compared with FY19. Group EBITDA totalled NGN71.3bn, up 49 per cent on FY19 and pan-African EBITDA reached a record NGN478.1bn. Group gross profit amounted to NGN596,226m, up 16.5 per cent from NGN511,682m in FY19. Net debt at the end of the period stood at NGN337,275m. Michel Puchercos, Group CEO, said: "Despite the impact of the COVID-19 pandemic, 2020 was a reco... |