No wonder he keeps getting richer.....
Dangote Group logo
By Goddy Egene
Dangote Cement last week reported a growth of 28.7 per cent in revenue and 39.4 per cent in profit for the nine months ended September 30, 2013.
Dangote Cement last week reported a growth of 28.7 per cent in revenue and 39.4 per cent in profit for the nine months ended September 30, 2013.
According to the unaudited results, profit before tax (PBT) rose to N151.73 billion indicating an increase of N45 billion over N106.43 billion in 2012, while operating profit rose by 36.4 per cent to N156.89billion.
Revenue for the period under review went up by N64 billion or 28.7 per cent to N288.98 billion compared to N244.50 billion the preceding year.
Commenting on the results, Group Managing Director, Dangote Cement, Devakumar Edwin, said demand for cement remained strong in Nigeria with company recording sales nearly 30 per cent higher than last year.
“As we predicted in July, the gas supply to Obajana 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.”
“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,” he said.
Dangote Cement is Nigeria's leading cement producer with three plants in Nigeria and plans to expand in 13 other African countries. The group plans to build more integrated, grinding and import facilities across Africa, bringing its total capacity to over 50metric tonnes per annum (mta) by the end of 2016.
Dangote Cement's Obajana plant in Koi state, Nigeria, is reputed to be the largest in sub-Saharan Africa with 10.25mta capacity across three lines and a further 3mta capacity currently being built.
The new 6mta Ibese plant in Ogun state, near the key market of Lagos, was inaugurated in February 2012. Building is underway to add 6mta of capacity. The Gboko plant in Benue state has 4mta capacity.
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