Nigeria’s most capitalised company on the Nigerian Stock Exchange (NSE), Dangote Cement, says it intends to use the country as a “low-cost base” to reach a third of Africa with clinker/bulk cement.
Speaking on the company’s “Facts Behind the Figures” programme at the NSE , its managing director, Edwin Devakumar, said Dangote will be investing about $5 billion between 2012 and 2016 to build operations in 13 countries.
While the company is looking into making investments in the oil and gas sector, Devakumar said the company has already invested $300 million in coal facilities across its plant to combat the constant lack of power supply in the country.
It has also increased its production capacity to 29 million tonnes per annum (MTPA).
Advertisement
Dangote group is making these investments to sustain its vision and position as the number one cement maker in the whole of Africa.
Commenting on the company’s performance, Edwin said Dangote’s revenue in the year to June 30, grew by 5.3 percent from N198.5billon in 2013 to N208.9billion in the corresponding half-year period.
The company’s gross profit also rose by 1.1 percent from N132.1 billion in first half of 2013 to N133.5 billion in first half of 2014.
Advertisement
It’s profit before tax (PBT) however dropped by 0.6 percent from N107.7billion in the first quarter of 21013 to N107billion in the same period in 2014.
Add a comment
