Cement News tagged under: nigeria
Dangote posts 53% YoY rise in revenue in 3Q2330 October 2023, Published under Cement NewsDangote Cement Plc has reported revenue of NGN563.77bn (US$703.77m) in the third quarter of 2023, up 52.7 per cent compared to the same period in the previous year. Gross profit over the same period advanced by 46.3 per cent to NGN304.11bn, while pretax profit surged 132.4 per cent to NGN165.03bn. Profit after tax leapt to NGN98.95bn, marking a 141.3 per cent YoY advance. Meanwhile, earnings per share were up by 138.3 per cent YoY to NGN5.38 in the 3Q23. Even with a 33 per cent YoY ris... |
Fears raised over cement price hike in Nigeria26 September 2023, Published under Cement NewsThe Cement Producers Association of Nigeria has praised the Nigerian government’s commitment to introduce concrete roads but warned that supply issues could push cement prices to NGN9000/bag (US$11.54/bag). According to Punch, cement in Nigeria currently sells at around NGN5000/bag, but a lack of supply could force prices much higher. Instead, the association has urged the government to place more attention to road design to encourage the use of both cement and asphalt pavement. “While we c... |
BUA to slash cement prices18 September 2023, Published under Cement NewsBUA Cement has announced plans to lower cement prices from NGN5000-5500/bag (US$6.39-7.02/bag) to NGN3000-3500/bag, according to local press reports. AbdulSamad Rabiu, chairman of the BUA Group, said the move is part of the company’s commitment to help reduce the financial burden on the Nigerian population. With two new lines of 3Mta each due for commissioning by the end of 2023, taking the group’s total cement capacity to 17Mta, the cement producer intends to reduce the price of cement... |
Dangote to cut fossil fuel use by 25% by 202513 September 2023, Published under Cement NewsDangote Cement aims to reduce its dependence on fossil fuels by 25 per cent by 2025, according to Dr Eseosa Ighile, head of sustainability at the company’s Obajana plant. So far the company has put in place several strategies to cut greenhouse gas emissions as part of Dangote’s commitment to Sustainable Development Goals 12 and the adoption of alternative fuels (AFs), reports The Punch. “We are working towards installing AF feeding systems in all our operation lines by 2024,” said Dr ... |
BUA Cement says new plants will drive down cement prices04 September 2023, Published under Cement NewsBUA Cement has said that it hopes the completion of its two new plants this year would result in the lowering of cement prices in Nigeria. The company plans to add 6Mta of cement production capacity by the end of 2023 with the opening of Line 3 at its Obu plant and Line 5 at its Sokoto plant, according to Punch. Contractors in the country have reportedly been complaining to the government over the high cost of cement, suggesting that imports would be cheaper. The Minister of Works i... |
Lafarge Africa installs new bag filter technology01 September 2023, Published under Cement NewsAs part of its ongoing commitment to reducing the environmental impact of its operations, Lafarge Africa Plc has installed new bag filter technology at its Ewekoro plant. “We continuously upgrade our operating models and strategy through extensive investments in research and innovation,” said Rachael Ezembakwe, head of Health, Safety and Environment, Lafarge Africa Plc. “In order to comply with global standards and contribute to building a safer planet, we successfully replaced ou... |
Dangote defends price criticism30 August 2023, Published under Cement NewsDangote Cement has defended recent criticism of its cement prices saying they are in line with or lower than prices across the rest of the West African coast, reports The Punch. The company has come under fire for increasing the price of its cement in Nigeria, in particular, putting it significantly more expensive than in the likes of Benin - a claim refuted by the company, which says its prices in Nigeria have not risen and points out that it is important to distinguish between Dangote’s ... |
BUA invests in technology to lower costs11 August 2023, Published under Cement NewsBUA Cement has announced plans to invest in state-of-the-art technologies in a bid to reduce operating costs after reporting a 20 per cent increase in the cost of sales in the first half of 2023. According to the company, the increase was due to higher raw materials costs, energy costs, depreciation charges, and repair and maintenance costs. The Nigeria-based company has already invested in lower-pressure peroxide plants to reduce power consumption, and designed all its plants with tech... |
Dangote Cement appoints independent non-executive director08 August 2023, Published under Cement NewsDangote Cement Plc has appointed Alvaro Poncioni Mérian as independent non-executive director. Mr Mérian is founder and managing partner of EDNAM Capital, UK, and founder and executive chairman of Munegu Partners, Hong Kong. According to New Telegraph, Mr Mérian obtained a Master of Science Degree in Management and Finance from HEC Paris and Master of Arts Degree in Public Affairs and International Relations from Sciences-Po Paris. He was also previously global head of building material... |
Nigerian cement sector expands 16% YoY in 1H2307 August 2023, Published under Cement NewsThree of Nigeria’s leading cement producers have reported combined revenue of NGN1.37trn (US$1788m) in the opening six months of 2023, despite the challenging business environment. According to The Sun, Dangote Cement , BUA Cement and Lafarge Africa Plc ’s combined revenue marks a 16.1 per cent increase in the country’s cement industry sector compared to the same period last year. Combined profit after tax for the three companies also improved, up 2.5 per cent YoY to NGN277.7bn, of which... |