Africa, Business, invesment, Invesments, news

Africa News November 05, 2013 at 10:55AM

this blog is spored BY reflex Eco Group

VENTURES AFRICA – Africa’s largest cement producer, Dangote Cement Plc has reported a 39.4 percent profit for the nine months ended September 30, 2013.

Unaudited results released by the cement manufacturer shows that revenue for the period under review rose by 28.7 percent to N288.98 billion compared to N244.50 billion the previous year, as cement sales in Nigeria gained 30 percent to 9.95 million metric tons.

Profit Before Tax (PBT) also rose to N154.9 billion ($974 million) from N105.5 billion in 2012, while operating profit rose by 36.4 percent to N156.89 billion.

In an e-mailed statement, Dangote’s Group Managing Director, Devakumar Edwin, said demand for cement remains strong in Nigeria with the company recording sales almost 30 percent higher than last year.

He also noted that the company has grown at twice the market’s growth rate.

However, Edwin explained that Q3 gas supply at Dangote’s Obajana factory in Kogi state (Central Nigeria) fell to 67 percent, while its Ibese plant in Ogun state (Western Nigeria) was unaffected.

“As we predicted in July, the gas supply to Obajana (reputed to be the largest in sub-Saharan Africa with 10.25mta capacity across three lines and a further 3mta capacity currently being built) was lower than desired during the third quarter and we are looking for additional sources of gas and other fuels such as coal to keep us fully supplied in the coming years,” he said.

He also affirmed that the company’s Senegal plant will start production soon.

“Our South African venture, Sephaku Cement, is well on track to open in the early part of 2014. These two plants will be our first production ventures outside Nigeria as we aim to become Africa’s leading supplier of cement,” the GMD added.

Owned by Africa’s richest man, Alhaji Aliko Dangote, Dangote Cement is Nigeria’s leading cement producer with three plants in the country.

The cement giant has also revealed plans to expand in 13 other African countries.

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