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Dangote Cement Sets N 64 Billion Revenue in Q1, 2012 Earnings, Sees No Need For Cement Imports

By on May 9, 2012

Dangote Cement, Nigeria’s largest manufacturer just released its Q1, 2012 earnings.

The company reported revenue of N 64 billion, up 17.6% from the N54.5 billion it made over the same period
last year.

Earnings before Interest and Tax was up 13.7% to ₦31.6bn, from N 27 billion in Q1, 2011.

Pre-tax profit shot up by 8.9% to ₦30.3bn from N 27.4 billion over the preceding year.

Profit after Tax was N 30 billion up 10% from the N 27 billion it made Q1, 2011.

The company said in an e-mailed statement that its local production capacity has cancelled the need for cement importation.

D.V.G. Edwin, Chief Executive of Dangote Cement said, “The first quarter of 2012 saw our new capacity at Obajana and Ibese become operational and both plants are ramping up towards higher levels of production.

“The nationwide gas problems affected margins in the first quarter, but we expect some resolution of the problem in the summer that will enable us to achieve the much higher margins associated with gas-fired plants.

“The significant investments we have made in Nigeria have helped the nation become self-sufficient in cement and we are confident that when local demand is satisfied, we will begin to export cement to neighbouring countries.”

“Our expansion into Africa is progressing well and Dangote Cement is well on the way to becoming Africa’s leading cement manufacturer.”