Africa\u2019s leading cement producer, Dangote Cement Plc has reported a
\nrevenue of N292 billion in the second quarter ended June 30th 2016
\nindicating an increase of 20 percent over N242 billion posted in the
\ncorresponding period in 2015.<\/p>\n
According to the reports filed with the Nigerian Stock Exchange (NSE), the
\ncompany\u2019s Profit for period stands at N106.3 billion representing a slight
\ndecline by 3 percent from 123.1 billion naira declared a year earlier.<\/p>\n
Chief Executive Officer of the cement company Onne Van der Weijde in a
\nstatement said \u201cWe have achieved a commendable result, given the very
\nchallenging situation in our main market and general economic weakening
\nacross Africa.\u201d<\/p>\n
He said the management would continue to respond to the prevailing
\noperating environment with strategically thought measures for the
\norganization to maintain its leadership and profitability.<\/p>\n
On expansion, he added, \u201cWhile the company remains committed to its
\nambitious plans, we are taking a more measured approach to the roll-out of
\nnew capacity across Africa\u201d.<\/p>\n
Dangote Cement has more than doubled production capacity since 2013 and
\nsaid in April it may increase cement capacity by a further 77 percent by
\nthe end of 2019. Foreign-exchange constraints in Nigeria have prompted the
\ncompany to reconsider the pace of its expansion and now believes a
\nfive-year building program is more appropriate, it said.<\/p>\n
Earnings in the period were affected by lower selling prices, higher fuel
\ncosts and the fact that several new plants are still in less-efficient
\nstart up phases, the company said.<\/p>\n
Cement sales volumes in the period increased 60 percent, bolstered by
\nrecord volumes in its home market, where the company announced a price cut
\nlast September, as well as new plants elsewhere on the continent. The
\ndevaluation of the naira will affect costs in the country and Dangote will
\nseek to protect its profit margins, Van der Weijde said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Africa\u2019s leading cement producer, Dangote Cement Plc has reported a revenue of N292 billion in the second quarter ended June 30th 2016 indicating an increase of 20 percent over N242…<\/p>\n","protected":false},"author":1,"featured_media":22620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-51689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n