Nigeria’s Dangote Cement saw pre-tax profits increase by 80.6% y/y to N53.7 billion in 1Q13 according to its unaudited results for the period. Consolidated group revenue was up 39.5% y/y to N95.4 billion and gross profits grew by 64.7% y/y to N66 billion. Meanwhile, EBIT came in at N55.4 billion, 77.8% higher than in 1Q12, while earnings per share increased by 79.5% y/y.
Commenting on the results, Group Managing Director/Chief Executive Devakaumar Edwin stated: “Our gas supply has been better this year and that has driven margins upwards from the first quarter of 2012, when our new capacity at Ibese and Obajana was just coming onstream.”
“We are increasing our focus on delivering directly to our customers and have made it easier for them to order and pay for our cement. This has allowed us to improve our position in the market and we remain confident of a good year,” he added.
The cement manufacturer has decided to automate some of its processes in order to avoid bottlenecks during distribution.
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/africa-middle-east/08052013/dangote_cement_1q13_results_971/