Business
Nigeria: Dangote Cement registers a pre-tax profit of 23%
Africa’s biggest producer of building material, Dangote Cement Plc., has registered a 23 percent increase in nine-month pre-tax profit as cement sales rose.
Income in the nine months to the end of September 2011., rose to 92.8 billion naira (US$589 million), or 7.97 naira (US$0.05) per share, from 75.3 billion naira (US$478 million), or 5 naira (US$0.03) a share, a year earlier, the Lagos- based company said in an e-mailed statement today. Revenue climbed 19 percent to 173.8 billion naira (US$ 1.1 billion) as cement sales advanced 9.2 percent to 6.4 million metric tons, it said.
The Dangote Group, which was founded by Nigerian billionaire, Aliko Dangote, plans to spend around US$2.5 billion constructing manufacturing plants and import terminals across Africa to build a further 19 metric tonnes capacity, part of its plan to build a pan-African cement empire stretching from Senegal to Ethiopia.