Dangote Cement opts for coal, revenue hits N292.2 billion

By Moses Ebosele – 
Come September this year (2016), Dangote Cement will commence use of coal as part of measures to tackle challenges associated with shortage of gas supply.
  Briefing the Nigeria Stock Exchange (NSE) on Wednesday in Lagos, Chief Executive Officer of Dangote Cement Plc, Onne Van der Weijde, said the company has sustained its expansion journey into different parts of the Africa continent despite challenges.
  Already, the company is targeting more cement export to West and Central African countries while consolidating its presence in other locations such as Ghana, Cameroon, Senegal, South Africa, Tanzania, Zambia and Ethiopia.
 Weijde informed stakeholders that the company is committed to its expansion agenda, adding that more measures are being put in place to roll out aross the Africa continent.
   Presenting the Company’s  ‘Facts Behind the Figures’, Weijde explained that revenue for the first half of this year increased to N292.2 Billion, indicating 20.6 per cent increase when compared to N242.2 Billion recorded in 2015.
Explaining further, he said while Nigeria grew by 4.2 per cent to N216.6 billion, West & Central Africa increased its revenue by 192 per cent from N17.1 billion to N49.9 billion.
  In a related development, South & East Africa increased by 50.9 per cent to N26.1 billion compared with N17.3 billion attained in 2015.
However, due to increase in operating cost due to hike in fuel price and instability in foreign exchange, the company reported profit after tax of N103.4 billion, indicating 15 per cent drop when compared with N121.8 billion achieved within same period in 2015.
   Weijde said: “We are confident of delivering good growth this year despite the challenging economic conditions facing Nigeria and the rest of Africa. We have achieved strong sales growth in Nigeria. Our focus will be to protect margins through cost controls and adjustment of prices”.
He added: “We have new capacity coming on stream in Congo and Sierra Leone and expect Tanzania to increase its market share in the coming months”.
*Contact Editor through Citybusinessnews@yahoo.com
Photo Caption:
(L-R) Mahmud Kazaure, Company Secretary, Dangote Cement Plc; Brian Egan, Group Chief Finance Officer, Dangote Cement Plc; Ernest Ebi, Director, Dangote Cement Plc; Ade Bajomo, Executive Director, Market Operations and Technology, The Nigerian Stock Exchange (NSE); Onne Van Der Weijde, Group Managing Director/CEO, Dangote Cement Plc; Haruna Jalo-Waziri, Executive Director, Capital Markets, NSE;  Ityoyila Ukpi, Deputy Company Secretary, Dangote Cement Plc Florence  Nwabueze, Compliance Manager, Dangote Cement Plc and Olumide Lala, Head, Transformation and Change, NSE at the Facts Behind the Figures presentation at the Exchange.