Dangote’s cement sales double in 2Q12

Dangote’s cement sales have grown by more than 100% from 1Q12 to 2Q12. According to the firm’s unaudited results for the first half of the year, pre-tax profits rose 22.8% y/y to N71.4 billion, while revenue reached N142 billion, an increase of 26% y/y.

Dangote Cement’s Managing Director, Devakumar Edwin, has attributed the increase to recent investments in the Ibese and Obajana plants, which have allowed the company to double its cement shipments.

“The ramp-up of our new capacity is progressing steadily and we are increasing our distribution network to extend our reach in the market. We are optimistic that improvements in the gas infrastructure will allow us to return to more normal operations at our gas-fuelled plants at Ibese and Obajana and have already seen a marked increase in supply over the past weeks,” he continued.

Dangote expects to have a production capacity of 20 million tpa in Nigeria by the close of 2012, rising to 35.25 million tpa by 2015. It plans to increase its production and import capacity by 19 million tpa over the next three years.

Adapted from press release by Louise Fordham.

Read the article online at: https://www.worldcement.com/africa-middle-east/13082012/dangote_cement_results_quarter_half_2012/