Dangote Cement saw its market share in Nigeria increase to 57.1% in 2012, up from 50.5% in 2011. In 4Q12 alone, the Group achieved a market share of more than 60% in the country. Dangote Cement has announced that it outperformed growth of the local cement market, as well as the country’s construction and real estate sectors for much of the year. Cement sales volumes rose to 10.4 million t for the company in 2012, with gross profit registering a 14.7% y/y increase. Profit after tax was up by 25% y/y, rising from N121.4 billion in 2011 to N151.93 billion in 2012.
Devakumar Edwin, GMD/CEO of Dangote Cement, said: “Dangote Cement achieved a strong increase in revenues and profitability in 2012, despite severe flooding that affected demand and a shortage of gas that affected margins […] By the end of 2012 we were preparing to make Nigeria an exporter of cement to neighbouring countries and in the first quarter of 2013 we realised that goal, to the benefit of the Nigerian economy. Soon, we hope to be manufacturing cement in Senegal as we expand into other African countries to supply a basic but profitable commodity that is vital to Africa’s growth.”
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/africa-middle-east/30042013/dangote_cement_nigeria_market_share_increases_963/
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