Nigeria’s Dangote Cement has released its unaudited results for 1Q15, showing an increase in gross profit of 10.5% y/y at N74.7 billion. Revenue rose 10.8% to N114.7 billion, up from N103.57 billion in 1Q14. Net profit was up 44.1% to N68.6 billion, while cement sales volumes increased by 3.4% to 3.8 million t, which is said to be down to the plants in South Africa, Senegal and Cameroon, as well as new lines in Nigeria.
In the company’s home country, improved gas supply and greater use of coal, together with stronger prices, contributed to increased margins. The company’s new cement plants in Zambia and Ethiopia have also entered into operation and are expected to have a positive impact on the group’s financials in subsequent quarters.
Dangote Cement has been expanding rapidly across Africa and has 29 million t of cement capacity in Nigeria alone.
Edited from various sources by Katherine Guenioui
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