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UBA, Dangote post increased half-year profit

By on July 29, 2013

United Bank for Africa (UBA) says its half-year pre-tax profit rose to N33.24 billion ($207 million), up 9.3 per cent from the same period a year ago.

The lender’s gross earnings climbed to 125.98 billion naira during the six months to June 30, against N107.91 billion last year.

Meanwhile, Dangote Cement Plc 2013 first half pre-tax profit surged by 52 per cent to N107.7 billion ($670 million) from last year’s N70.8 billion ($440 million).

The company – which primarily owed this growth to the high demand of cement in Nigeria –disclosed that revenue generated in the same period increased by 28 per cent to N198.5 billion ($1.2 billion).

Gross profit also rose by 43.8 per cent from N91.9 billion ($572 million) to N132 billion ($821 million) while operating profit moved up from N76.4 billion ($475 million) to N111 billion ($691 million) indicating an increase of 45.4 percent.

Chief Executive of Dangote Cement, Edwin Devakurma said that the improved sales was more than double the growth rate of the overall Nigerian Cement market estimated at 14.2 per cent. He said that, “The company’s strategies which include direct delivery to customers added to the robust profit gained for the first half.

“We are making good progress in Africa and investors will see good returns in a different capacity across the continent,” he said.

 

 

[Nigerian Telegraph]