Dangote Cement of track to dominating African market – posts $952 million in 3rd quarter profit

Aliko Dangote – founder and Chairman Dangote Group. PHOTO/File

Dangote Cement reported a growth of 28.7 percent in revenue and 39.4 percent in profit for the 9 months ending on 30 September 2013.

According to the un-audited results, profit before tax rose to US$952 million, an increase of US$284 million on 2012, while operating profit rose by 36.4 percent to US$989 million. Revenue for the period increased by US$404 million (28.7 percent) to US$1.8 billion, compared to US$1.5 billion in 2012.

Commenting on the results, Dangote Cement Group Managing Director, V G Edwin, said that demand for cement remained strong in Nigeria, with the company reporting sales nearly 30 percent higher than in the 9 months to 30 September 2012.

“Our plant in Senegal will soon be producing cement and 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,” said Edwin.

Dangote Cement is reported as Nigeria’s leading cement producer, with three plants in Nigeria and is presently expanding into 13 other African countries. The group intends to build more integrated, grinding and import facilities across Africa, increasing its total capacity and dominating the African market by the end of 2016.

Source: Global Cement