Dangote Cement, the most profitable company in Sub Saharan Africa, has reported a revenue of N289 billion after the nine months ending September 30th. The company indicated that this performance marked a 28.7% growth over the same period in 2012.
The company reported Earnings before interest and tax to be up 36.4% to ₦156.9bn, a 54.3% margin on sales.
Pre-tax profit was also reportedly up 42.6% to ₦151.7bn (approx $1 billion).
The company noted the following operational highlights:
- Total Nigerian cement market has grown by 13.6% to nearly 16 million tonnes
- The Group’s Nigerian sales volumes up 29.5% to 9.95 million tonnes
- Obajana sales volumes up 41.9%, Ibese up 46.8%
- Disruption to gas supply at Obajana, as previously indicated
- Direct-to-customer deliveries proving highly successful
D.V.G. Edwin, Chief Executive officer of the company said, “Demand for cement remains strong in Nigeria and with our sales nearly 30% higher than last year, Dangote Cement has grown at twice the market’s rate of growth.”
“As we predicted in July, the gas supply to Obajana was lower than desired during the third quarter and we are looking for additional sources of gas and other fuels such as coal to keep us fully supplied in the coming years.”
“Our plant in Senegal will soon be producing cement and our South African venture, Sephaku Cement, is well on track to open in the early part of 2014. These two plants will be our first production ventures outside Nigeria as we aim to become Africa’s leading supplier of cement.”