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Benue Cement records massive profit for 2009

World Cement,

Benue Cement Company saw pre-tax profits hit N14.44 billion at the end of 2009, up from N4.733 billion at the end of December 2008 – a 204.9% increase. Profit after tax rose by 246.81% to N14.37 billion.

The company, controlled by Dangote Cement, also achieved a turnover increase of 112.8% y/y.

Acting President of Nigeria, Goodluck Jonathan, has this week asked the World Bank for support in improving the country’s infrastructure and overcoming the challenges posed to power generation. A rail line is planned to link Calabar and Lagos, for which massive investment is needed, and which was discussed during the meeting in Washington DC. Reports indicate that the World Bank will assist in finding investment for the projects discussed. Meanwhile, the government is investing in building and refurbishing roads, although there have been disputes between the federal and state governments over payment for these. Similarly, while there are plans for construction of a bridge in Benue State, the government has decided not to fund this project but to offer it out instead to a private investor as a Private Public Partnership. In any event, it is evident that cement demand in Nigeria will continue to grow.

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