Dangote Cement Posts N107.7 billion First half Profit

ABUJA – Dangote Cement Plc says its 2013 first half pretax profit surged by 52 percent to N107.7 billion ($670 million) from last year’s N70.8 billion ($440 million).

The company – which primarily owed this growth to the high demand of cement in Nigeria –disclosed that revenue generated in the same period increased by 28 percent to N198.5 billion ($1.2 billion).

Dangote gross profit also rose by 43.8 percent from N91.9 billion ($572 million) to N132 billion ($821 million) while operating profit moved up from N76.4 billion ($475 million) to N111 billion ($691 million) indicating an increase of 45.4 percent.

Aliko DangoteChief Executive of Dangote Cement, Edwin Devakurma said that the improved sales was more than double the growth rate of the overall Nigerian Cement market estimated at 14.2 percent and noted that,

“The company’s strategies which include direct delivery to customers added to the robust profit gained for the first half”.

Dangote Cement Plc is a subsidiary of the Dangote Group. It is considered Africa’s largest producer of the building material, producing around 10 million metric tonnes of cement, with revenues of $1.8 billion.

“We are making good progress in Africa and investors will see good returns in a different capacity across the continent,” he said.

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