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Dangote Cement pledges adequate returns to stakeholders

By on September 5, 2014

Dangote Cement Plc yesterday reaffirmed its commitment to ensure that stakeholders’ returns are consistent and adequate.
Group Managing Director, Dangote Cement plc, Devakumar Edwin gave the assurance while presenting the company’s “Facts Behind the Figures” to traders and stakeholders. He said the company has the potentials to deliver stupendous financial performance and strong returns.

Edwin disclosed that the company’s African expansion is gaining pace adding that investors will be well rewarded in the years ahead.

According to him, “New Nigerian lines have started producing clinker/cement. Sephaku Cement is already selling cement from Delmas. Zambia is on track for opening in 2014. Cameroon is to begin operations soon. Senegal plant commissioning has commenced. Ethiopia will commence before the end of the year. Sierra Leone will open in Q4 2014. We are reviewing scope of Kenya in light of finding good limestone deposits. South Sudan is on the hold owing to conflict.”

Dangote Cement plc is the largest company on the Nigerian Stock Exchange (NSE), with $24billlion market capitalisation. It has 29 million tonnes per annum (MTPA) production capacity across its three state-of-the-art plants in Nigeria.

In the six months to June 30, the company’s revenue grew by 5.3 per cent to N208.9 billion from N198.5 billion in the corresponding half-year period of 2013. The company linked this to production constrained by disruption to gas supply.
Its gross profit rose by 1.1 per cent from N132.1 billion in H1’13 to N133.5 billion in H1’14. Profit before tax declined by 0.6 per cent, from N107.7 billion in H1’13 to N107 billion in H1’14.

Among other plans as contained in Dangote Cement Plc’s outlook for 2014, was investment of $300million in additional coal facilities across all plants.

Meanwhile, the stock market continued to trend southwards yesterday as the benchmark index closed 0.46 per cent lower than previous day. The All Share Index settled at 41,017.49 points as negative sentiments prevailed towards Guaranty Trust Bank Plc, Nestle Nigeria Plc and Dangote Cement while renewed interests were seen in both ETI Plc and PZ Industries Plc.

Following the same trend as the index, market capitalisation trimmed by N62.84 billion and closed at N13.54 trillion.

 

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