Africa’s largest cement producer announces its Unaudited Results for the Six Months Ended, 30th June 2018 with group revenue up by 16% from N412.6billion to N482.4billion in the corresponding period of 2018.
The group also reported N113.2billion as net profit which is about 3.15% marginal rise away from the previous N109.7billion reported same period last year.
Consequently, its earnings per share was up 3.59% within the review period from N6.41kobo to N6.64kobo.
Its PE Ratio stood at 35.11x with 2.85 earnings yield as at when computed.
According to Joe Makoju, Group Chief Executive Officer Dangote Cement,
“Our first-half performance was very strong and driven by an excellent recovery in Nigeria, where our sales volumes increased by nearly 14% and revenues rose by more than 18%. Pan-African operations saw a slight fall in volumes but both revenues and EBITDA increased because of better pricing and currency conversion effects.
In addition, we achieved the largest-ever issuance of Commercial Paper by a Nigerian company when we issued ₦50B Series 1 & 2 Notes at the end of June, with a discount rate that reflected the strength of our Company and its excellent credit ratings.
Of course, our strong performance has been overshadowed by the tragic and heartbreaking events in Ethiopia. I would like to pay tribute to my colleagues Deep Kamra, Beakal Alelign and Tsegaye Gidey and offer our sincere condolences to their families.”
Dangote Cement is Africa’s leading cement producer with nearly 46Mta capacity across Africa. A fully integrated quarry-to-customer producer, we have a production capacity of 29.25Mta in our home market, Nigeria. Our Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.25Mta of capacity across four lines; our Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and our Gboko plant in Benue state has 4Mta. Through our recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into a net exporter of cement serving neighbouring countries.
In addition, we have invested almost $3B to build manufacturing plants and import/grinding terminals across Africa. Our operations are in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).