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Tag: Dangote Cement

  • Dangote Cement unveils BlocMaster

    A NEW high strength cement from the staple of the largest cement firm in Africa, Dangote Cement Plc, has been formally unveiled in Lagos to block makers, distributors and other stakeholders.

    The new Portland limestone cement, called “BlocMaster”, was launch amidst fanfare yesterday.

    According to Dangote Cement Plc Group Managing Director  Joseph Makoju, an engineer, the product is the answer to the yearnings and expectations of block and concrete makers, who desire a new product that could combine all the qualities of the existing range of cements in the market.

    He explained that BlocMaster is a product of intensive research, laboratory and field tests and regulatory authorities’ approval. According to him, the new cement comes with a difference and value for money.

    Makoju stated that stakeholders involved in the value chain of cement were part of the research and the eventual formulation of the BlocMaster.

    He said: “All stakeholders were involved, block makers, the regulatory agencies and the customers alike. We took samples to them to test before we finally concluded on the product.

    “We identify an opportunity and a gap that has to be filled and we went ahead to design and formulate the BlocMaster. In addition, we are giving the product out at the best price that gives the best quality.”

    The Dangote Cement helmsman assured block makers and the distributors of steady supply because the firm operates the largest fleet of trucks for distribution of Dangote Cement.

    “We operate over 7,000 truck for product distribution. So, there is no issue about timely delivery to every nooks and crannies of Nigeria,” he said.

    Explaining qualities of the new product, the Dangote Cement Group Chief Marketing Officer, Oare Ojeikere, said Dangote BlocMaster is a premium high strength Portland limestone cement that gives users up to 50mpa in compressive strength after 28 days.

    He noted that the product is ideal for concrete applications that require very high final strength and durability.

    “BlocMaster has been tested, and proven, to provide the best performance for all concrete applications that require rapid early strength, higher final compressive strength, and fast setting. It outperforms all other bagged cement products in Nigeria, and it is the cement of choice for all major construction projects”, he added.

    Oare stated that Dangote cement is made in Nigeria but loved across Africa because of its high quality.

    “It is because we can vouch for our products’ high quality, that is why we are in so many African countries.

    “We are the king in this business as we control more than 60 per cent of the cement market. We introduced to you 3X 42.5R, 3X 42.5R, we have Falcon, and now we are rolling out BlocMaster. As the name suggests, we want the name to resonate anywhere cement is mentioned, and that is why we called it BlocMaster”

    The chief marketer said the unique selling proposition of the new cement are its unparalleled strength as its 15 per cent stronger than any 42.5 grade presently available in Nigeria market.

    “Its 50 per cent stronger after one day. This means that blocks made could be quickly demoulded, and will be ready for sale faster, increasing the speed at which block makers can meet customers’ demand.

    “BlocMaster with its higher compressive strength will deliver stronger blocks at the same mix ratio as used currently, and can deliver more blocks, if same quality blocks as achieved currently is desired. BlocMaster is a high grade technical product that allows users achieve higher concrete strength qualities with less cement, lowering in the process, users’ concrete cost.”

    Representative of the Director General of Standard Organisation of Nigeria (SON) Joseph Ugbaja endorsed the BlocMaster, saying it is another quality product from Dangote Cement, a company that is known for its strict adherence to standard as stipulated by the authorities.

    He described as a good development in that Dangote Cement is now produced a higher 42,5 grade of cement even for the use of the block makers.

    Ugbaja stated that his organisation has been making routine visits to Dangote Cement plants across the country and has never been found wanting when it comes to meeting standard. “They always exceed stipulated standard. We are very proud of them.

    National President of Block Makers Association Rasheed Adebowale said his executive has tested the new product and that block makers couldn’t expect a better deal when the components of the new cement is analysed.

    He, however, appealed to the management of Dangote Cement to make it affordable and available.

  • Dangote unveiles BlocMaster for moulders

    Builders and other stakeholders have praised the BlocMaster Cement which was launched by Dangote Cement yesterday in Kano, saying it is appropriate for block moulding in Nigeria.

    Before its launch, the product was adjudged by engineers, builders and block makers, as an ideal product due to its rapid setting within an hour, its strength and top quality.

    Block makers who witnessed its unveiling, lauded the company’s innovate efforts and after a demonstrative test, attested to its strength, saying it is good for building construction.

    Kano State Governor, Abdullahi Umar Ganduje, who spoke at the event,  called on Nigerians to engage the product to help minimise the menace of building collapse in the country.

    Ganduje, who was represented by the Secretary to the State Government, Alhaji Usman Alhaji commended the Management of Dangote Group, adding that it has always been supportive in all sectors of the economy.

    Group Managing Director, Dangote Cement Plc, Joe Makoju, said the new brand is a product of years of deep research, adding that it has been tested and approved by builders nationwide.

    He described it as strong and affordable because of its rapid setting, especially during raining season.

    “This is a new era. This is a new quality. This is a product of research,” Makoju said.

    The Group Chief Marketing Officer, Oare Ojeikere said the new cement is multipurpose and very strong.

    He urged Nigerians to adopt it for all construction purposes.

  • NSE indices grow further by 0.63%, amid Dangote Cement gain

    Trading activities on the Nigerian Stock Exchange (NSE) sustained a positive growth on Friday, with Dangote Cement leading the gainers’ table for the second consecutive day.

    According to reports by The News Agency of Nigeria (NAN), the crucial market indices appreciated further with 0.63 per cent growth, following gains by some blue chips.

    Specifically, the market capitalisation inched N81 billion or 0.63 per cent to close at N12.933 trillion against N12.852 trillion recorded on Thursday.

    Also, the All-Share Index rose by 220.05 points or 0.63 per cent to close at 35,426.21 compared to 35,206.16 posted on Friday.

    Dangote Cement led the gainers’ table during the day, gaining N5 to close at N235 per share.

    Flour Mills followed with a gain of N1 to close at N21.50, while Ecobank Transnational added 60k to close at N20 per share.

    Air Service improved by 46k to close at N5.30, while NEM Insurance appreciated by 15k to close at N3 per share.

    On the other hand, International Breweries topped the losers’ chart, shedding N2 to close at N32 per share.

    Afri Prudential Registrar trailed with a loss of 35k to close at N37.50, while Guaranty Trust Bank declined by 30k to close at N37.50 per share.

    UPL was down by 23k to close at N2.07, while NASCON lost 10k to close at N19.90 per share.

    Similarly, the volume of shares traded rose by 139.11 per cent, while value of shares transacted increased by 79.05 per cent.

  • Dangote Cement invests $3bn to drive Pan-African growth

    Nigeria’s most capitalised quoted company, Dangote Cement Plc, has invested $3 billion in its Pan-African operations as the cement group continues to invest in expansion of its plants and terminals across the continent.

    Group Chief Executive Officer, Dangote Cement Plc, Engr. Joseph Makoju, said the cement group has invested $3 billion to build manufacturing plants and import and grinding terminals across Africa.

    The group’s operations include Cameroon, 1.5 Mta clinker grinding; Congo, 1.5 Mta; Ghana 1.5 Mta import; Ethiopia, 2.5 Mta; Senegal, 1.5 Mta; Sierra Leone, 0.7 Mta import; South Africa, 2.8 Mta; Tanzania, 3.0 Mta and Zambia, which has a 1.5 Mta plant.

    Makoju said total Nigeria sales volumes went up by 13.9 per cent to 7.8Mt in the second quarter ended June 30, 2018, although Pan-African volumes reduced by 3.9 per cent, mainly due to shutdown in Tanzania.

    According to him, the group, which employed 27,952 workers in Nigeria in 2017 had its revenue increased by 16.9 per cent from N412.68 billion in 2017 to N482.44 billion in 2018 while its earning per share also increased by three per cent to N6.60 kobo per share by the end of second quarter.

    “Our first-half performance was very strong and driven by an excellent recovery in Nigeria, where our sales volumes increased by nearly 14 per cent and revenues rose by more than 18 per cent. Pan-African operations saw a slight fall in volumes but both revenues and EBITDA increased because of better pricing and currency conversion effects,” Makoju said.

    He noted that the group achieved the largest-ever issuance of Commercial Paper by a Nigerian company when it issued N50 billion Series 1 & 2 Notes at the end of the quarter, noting that the discount rate reflected the strength of the 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.”

    Key extracts of the six-month report for the period ended June 30, 2018 showed that profit before tax rose from N155.58 billion in first half 2017 to N185.54 billion in first half 2018. Profit after tax increased from N109.71 billion to N113.16 billion while earnings per share rose from N6.41 to N6.60 per share.

    At the annual general meeting of the cement group last month, Chairman, Dangote Cement Plc, Alhaji Aliko Dangote had attributed the 31 per cent increase in the group’s turnover of N805.6 billion in 2017 to its pan African operations growth which also recorded a significant increase in revenue from N195 billion in 2016 to N258.4 billion in 2017.

    He had noted that Pan African operations increased volumes by 8.4 per cent, with Ethiopia, Senegal, Cameroon and South Africa all performing strongly and close to their operating capacity.

    Makoju had noted that growth was driven by the decision to increase use of local coal in Nigeria, helped to improve fuel security, maintain production uptime and reduce need for foreign currency.

    “We source coal from our parent company, Dangote Industries and from another Nigerian supplier, and we are very happy with the way this has worked out for us because it has enabled us to phase out the use of expensive low pour fuel oil in our kilns and also to reduce our use of imported coal,” Makoju said.

    On the future growth plans, Makoju said the group will focus on building new grinding plants along the coast of West Africa, and ensure it has clinker export facilities in Nigeria.

    “We are looking at the possibility of two new lines in Nigeria, perhaps by the end of 2020 and it is likely these will be in Edo state and Obajana, with a combined capacity of 6.0 Mta,” Makoju said.

  • SON’s new quality certification for Dangote Cement

    Standard Organisation of Nigeria (SON) has okayed Dangote Cement for its Mandatory Conformity Assessment Programme (MANCAP).

    SON’s Director-General Osita Anthony Aboloma, who broke the news, also said a new revised standard for cement production had been released.

    The SON chief, represented by the Director of Standard Development, Mrs. Chinyere Egwuonwu, stated this during a facility tour of the Dangote Cement Plant, Obajana, Kogi State by top officials of the organisation.

    He noted that the new certification was an attestation to Dangote Cement’s quality products and its capacity to conduct in-process and in-house tests on its raw materials and finished products in conformity with relevant national standards.

    He said: “Through our conformity assessments, we have always visited your plants on routine quarterly factory inspections to ensure compliance of your products to relevant national standards. The outcome of these activities is the certification of your products to the Mandatory Conformity Assessment Programme.”

    Aboloma further disclosed that the revised standard for cement NIS 444-1:2018 had been approved by the Standard Council of Nigeria and is ready for implementation.

    Aboloma commended Dangote Cement for its active participation, especially in standard development, saying the SON appreciated the company’s effort and that the SON would be ready to partner  with the company’s management.

    He promised that the SON would continue to collaborate and provide the required support with Dangote Cement, other private sector operators and stakeholders to ensure availability of the relevant standards for both raw materials and finished products.

    Dangote Cement Group Managing Director (DMD), Joseph Makoju said the company has never taken the issue standard with levity and that is why it does not limit itself to the set standards, but usually exceeds standard both in quality of its products and environmental friendliness of its plants operations.

    He stated that standard could not be compromised if products from Nigeria are to compete favourably with foreign ones, noting that it was for the reason of high standard that Dangote Cement has been a leader in the countries where it is sold.

    The Dangote Cement GMD explained that its partnership with the SON as the regulating agency was borne out of the quest of Dangote Cement to keep to standard and that the organisation has invested heavily in machinery that ensure that its products’standard is second to none.

    He explained that the decision of the company to lead in the backward integration policy of the Federal Government has paid off and that it was for the role played by Dangote Cement that Nigeria is  self-sufficient in cement production and consumption.

     

    Agency’s training centre gets global recognition

    THE Standards Organisation of Nigeria Training Services (STS) Centre has received certification by the Chartered Quality Institute (CQI) and the International Register of Certified Auditors (IRCA) as an Approved Training Partner (ATP).

    The SON Training Centre thus becomes the first and only CQI and IRCA approved Training Centre in Nigeria and the West Africa Region to offer certified courses by the two international institutions.

    A statement by the Director-General, Mr. Osita Aboloma in Abuja said the certification was a precursor to the international accreditation of the STS courses and part of the repositioning of the agency’s services for global competitiveness.

    Aboloma stated further that the certification was to ensure that appropriate systems and processes were in place and continuously maintained to provide effective and efficient management, development and operational delivery of CQI and IRCA certified courses to industry, government and non-governmental organisations as well as private individuals in Nigeria.

    He explained that the recognition was attained following provision of huge resources at the SON Ogba training facility, concerted efforts of the staff of the STS as well as a rigorous assessment to establish that CQI and IRCA Certification criteria were met.

    CQI and IRCA certified courses offer some of the best trainings for quality, environment, services and auditing professionals in the world, given its global recognition and approval by employers and industry. They also provide a boost to practitioners’ employment prospects, he said.

    The courses to be offered according to the statement will be at three levels, namely Foundation, Internal Auditor and Transition as well as Lead Auditor and Conversion courses.

    It stated further that part of the criteria for the maintenance of the STC certification are CQI collection of direct delegate feedback; analysis of the pass rates; annual self-assessment; desktop documents review and on-site validation visits.

    The statement concluded that trainees will be provided with the skills and knowledge to support application for CQI membership or IRCA certification as the case may be and  serve as an invaluable way of gaining professional recognition for their expertise and commitment.

     

  • Dangote Cement leads equities to N8b gain

    Most deals on the Nigerian Stock Exchange (NSE) yesterday were closed at lower prices but considerable gain recorded by Dangote Cement Plc rallied the overall market to a modest gain of N8 billion. With 20 gainers to 25 losers, Dangote Cement-Nigeria’s biggest quoted company, overshadowed the underlying downtrend that had seen equities trading mostly at discounts in recent trading sessions.

    Dangote Cement’s share price rose by N2 per share to close at N227, representing capital gain of 0.89 per cent. With this, the benchmark indices at the Exchange inched up by 0.1 per cent, equivalent to net capital gain of N8 billion. The negative average year-to-date return improved slightly to -1.5 per cent.

    Aggregate market value of all quoted equities rose from its opening value of N13.630 trillion to close at N13.638 trillion. The All Share Index (ASI)-the main index that tracks share prices at the Exchange, also inched up from 37,625.59 points to close at 37,647.93 points.

    Most sectoral indices closed negative, underlining the continuing widespread selloffs despite improving bargain-hunting for value stocks. The NSE Consumer Goods Index dropped by 8.4 per cent. The NSE Oil & Gas Index followed with a drop of 5.0 per cent while the NSE Industrial Goods Index declined by 1.6 per cent. On the upside, the NSE Insurance Index appreciated by 8.3 per cent while the NSE Banking Index inched up by 0.1 per cent.

    Flour Mills of Nigeria and Forte Oil recorded the second highest gain of 80 kobo each to close at N31.50 and N27.15 respectively. Cement Company of Northern Nigeria rose by 65 kobo to close at N22.90. Julius Berger Nigeria added 50 kobo to close at N30 while Ecobank Transnational Incorporated chalked up 40 kobo to close at N20.40.

    Most analysts said they expected bargain-hunting for value stocks to continue to drive the overall market position in the days ahead.

    “In subsequent sessions, we expect bargain hunting particularly in fundamentally sound stocks to drive a positive performance in the market,” Afrinvest Securities stated.

    Analysts at SCM Capital stated that they expected “continuous bargain hunting to sustain positive market performance tomorrow (Tuesday)”.

    Total turnover slowed down to 151.2 million shares valued at N2.0 billion. Access Bank was the most active stock with a turnover of 21.67 million shares valued at N225.6 million. Zenith Bank followed with 13.92 million shares worth N341.22 million while FBN Holdings ranked third with 12.71 million shares valued at N133.06 million.

    On the negative side, Nascon Allied Industries led the losers with a drop of N1.15 to close at N20.65. Stanbic IBTC Holdings and Lafarge Africa followed with a drop of N1 each to close at N51 and N38 respectively. Dangote Sugar Refinery lost 70 kobo to close at N17.80 while Conoil declined by 50 kobo to close at N27 per share.

  • Dangote Cement: why we’re embarking on African expansion drive

    •Firm gets new SON certification

    DANGOTE Cement Plc has said that its investments and expansion drive across African countries are strategic to contribute to the continent’s economy and make its products the most preferred by consumers.

    Its Group Managing Director, Joseph Makoju, spoke at the weekend during a plant facility tour by top officials of the Standard Organisation of Nigeria (SON) to the firm’s Ibese Cement Plant in Ogun State.

    The firm’s GMD said the Dangote Cement was way ahead of competition in quality, volume production size and production automation.

    He said these are parts of the results of continuous investments by the management.

    Makoju, who was represented by the Dangote Cement National Sales and Distribution Director, Adeyemi Fajobi, stated that besides the investments in expansion to ramp up volume, such investments have added value to the economies of the African countries where the company has presence.

    To date, Fajobi added that Dangote Cement operates in 14 countries in Africa with efforts on to expand to other three within the next few months to make its presence felt in 17 countries. The ultimate aim, he stated, is to help other African countries to attain self-sufficiency.

    “In the last 11 years, Dangote Cement has embarked on aggressive expansion drive which has seen it having an annual production of cement to the tune of over 29 million in its three production plants in Ibese, Obajana and Gboko, thus effectively eliminating importation of cement.

    “Besides our continuous expansion, we also export to countries like Ghana, Benin and Togo. These are sources of foreign exchange for our dear nation. Where ever we operate, we operate as economic partners because we add value to the economy by creating employments.

    “Our commitment is not only to meet production target, but quality and safety standard in our operations and this is one of the reasons we partner the regulatory agencies like the SON to devise means of keeping up the standard and raising the bar where necessary.”

    Fajobi also explained how Dangote Cement has been able to check the incidence of faking of its products through its expansion of volume availability, saying adulteration and faking of products thrive where the original products are not easily available.

    He said with the availability of Dangote Cement in every nooks and crannies of Nigeria, the problem of faking has been checked considerably.

    In his presentation, the General Manager, Production, Ibese Cement, Sunday Adondua, an engineer, explained that Dangote Cement has gone far in its quest to lead in cement manufacturing in Africa.

    He disclosed that the company now export Klinker, a major cement production component, to some African countries.

    According to him, Dangote Cement now export Klinkers to the tune of about two million per annum and that these constitute a boost to the Nigerian economy.

    Director-General of SON Osita Anthony Akpoloma, represented by Joseph Ugbaja, Group Head, Building and Civil, said the partnership with the Dangote Cement was for the good of the industry and that so far, Dangote Cement has been a leading light in the cement sector.

    He explained that SON relationship with Dangote dates back to the inception of Dangote Cement manufacturing in Nigeria and that the SON has always visited the company’s plant on routine quarterly inspections.

    Ugbaja stated the organisation has also certified Dangote Cement products on the Mandatory Conformity Assessment Programme, which is an attestation to its goods product quality and the capacity to conduct in-process test and in-house test on its finished products in conformity with the standards.

    “It may interest you to note that the revised standards for cement have been approved by the Standard Council of Nigeria and ready for implementation in response to your call for review,” he added.

    The SON boss advised other sector operatives to borrow a leaf from Dangote cement’s model and invest in quality and volume expansion.

    Highlights of the visit of the SON officials was the award of certificates to all those who came on the visit and gala night to make the visit memorable.

     

     

     

  • Dangote cement donates N10m scholarship to host community

    Dangote Cement  Plc, Gboko plant, has presented a N10 million to indigent students of Mbayion, host community of Gboko plant.

    The event took place at Winika Hotels in Gboko

    The acting Director of Gboko plant Mr. Rama Srinivasan, who presented the cheque on behalf of Alh Aliko Dangote Chairman of Dangote Group, recalled that the firm’s scholarship to students is a yearly event.

    Mr Srinivasan said Dangote Cement intends to sustain the annual exercise as part of its own contribution to the development of the host community.

    President of the Yion Development Association (YIDA) Mr. Ande Per who received the cheque on behalf of the community, appealed for a raise of the scholarship in view of the fact that the N10 million was instituted over 10 years ago and the number of beneficiaries have since doubled.

    Both president of Yion students Comrade and president of Youths of the host community Comrades Msor Tsea and Kuleve Kokoiwen respectively, as well as representative of the community’s royal fathers His Royal Highness Nyamnongu Abeva all corroborated Per’s.

    In their separate responses, Dangote Cement General Manager Human Resources Management and Administration Mr George Efurum and the Assistant General Manager Corporate Affairs and Special Duties Mr Jonathan Kunde, enjoined the community to make judicious use of the money. They equally advised the students to study hard in order to justify the purpose for the scholarship.

     

  • Dangote Cement to raise N150b new capital

    Dangote Cement Plc-Nigeria’s most capitalised quoted company and Africa’s largest cement producer, plans to raise N150 billion in new debt capital to finance its business operations.

    In a regulatory filing yesterday, Group Managing Director, Dangote Cement Plc, Engr Joseph Makoju, said the new capital raising would be done through the issuance of commercial papers, whether as a standalone transaction or by way of a programme to be executed in tranches, series or proportions.

    According to the company, the net proceeds from the issuance would be used to finance capital expenditure, working capital and general corporate purposes.

    The proposed N150 billion capital raising comes on the heels of last week’s payment of N178.9 billion cash dividend to shareholders. After the approval of the dividend recommendation at the annual general meeting in Lagos, shareholders received a dividend per share of N10.50, representing an increase of 23.5 per cent on a dividend per share of N8.50 paid for the 2016 business year.

    Key extracts of the audited report and accounts of Dangote Cement for the year ended December 31, 2017 had shown that the group turnover grew by 31 per cent from N615.1 billion in 2016 to N805.6 billion in 2017. Profit before tax increased from N180.93 billion in 2016 to N289.59 billion in 2017. Profit after tax rose from N142.86 billion in 2016 to N204.25 billion in 2017. Earnings per share consequently improved to N11.65 in 2017 compared with N8.78 in 2016.

    The report indicated that while sales from the three plants in Nigeria contributed N552.36 billion to the group’s revenue, the balance of N258.44 billion was accounted for by plants in other African countries. Revenue attributable to Nigeria grew by 29.6 per cent while that from Pan-African operations rose by 32.5 per cent.

    Though group sales volumes were lower by seven percent due to depressed Nigerian market, Pan-African sales volumes went up by 8.4 per cent to 9.4 metric tonnes with strong volume increases in Senegal, Ethiopia and Cameroon and new capacities of 1.5 metric tonnes in Congo and 0.5 metric tonnes in Sierra Leone.

    Chairman, Dangote Cement Plc, Alhaji Aliko Dangote, said the 23.5 per cent increase in dividend was due to improved performance in 2017 and in line with the group’s policy to reward shareholders while retaining reasonable earnings for future growth.

    Dangote’s Dangote Industries Limited (DIL) holds more than 75 per cent controlling equity stake in Dangote Cement.

    Dangote noted that in the face of challenges in doing business in Africa, the group has benefited from diversity that it has created across its businesses and the local knowledge of doing business in neighbouring countries in Africa.

    “Our large capacity, financial strength, vertical integration and prudent management have enabled us to enter markets, gain share and withstand competitive and pricing pressures that have wrought more damage on the smaller, less well-funded manufacturers who initiated them,” Dangote said.

     

  • Shareholders laud Dangote Cement over N179b dividend

    Shareholders of Dangote Cement Plc yesterday unanimously approved the payment of N178.9 billion as cash dividend for the 2017 business year amid commendations for the board and management over the performance of the company.

    At the annual general meeting yesterday in Lagos, shareholders said recent initiatives taken by the company has strengthened corporate governance and improved the operational performance of the group.

    Shareholders will receive a dividend per share of N10.50, representing an increase of 23.5 per cent on a dividend per share of N8.50 paid for the 2016 business year.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, commended impressive growth recorded in 2017 noting that improvements in sales and profit have demonstrated the strength of the group.

    He pointed out that the recent appointments unto the board of the company have further strengthened the corporate governance.

    Mr Adio Alex of Dynamic Shareholders Association said the group’s widespread operations across Africa and the strength of its balance sheet have put it in position to continue to grow.

    Another shareholder, Mr. Nonah Awoh commended the group’s increased disclosures and transparency noting that the inclusion of quarterly performance report in the annual report provides clearer view of the operations of the group over the course of the year.

    Key extracts of the audited report and accounts for the year ended December 31, 2017 showed that the group turnover grew by 31 per cent from N615.1 billion in 2016 to N805.6 billion in 2017. Profit before tax increased from N180.93 billion in 2016 to N289.59 billion in 2017. Profit after tax rose from N142.86 billion in 2016 to N204.25 billion in 2017. Earnings per share consequently improved to N11.65 in 2017 compared with N8.78 in 2016.

    The report indicated that while sales from the three plants in Nigeria contributed N552.36 billion to the group’s revenue, the balance of N258.44 billion was accounted for by plants in other African countries. Revenue attributable to Nigeria grew by 29.6 per cent while that from Pan-African operations rose by 32.5 per cent.

    Though group sales volumes were lower by seven percent due to depressed Nigerian market, Pan-African sales volumes went up by 8.4 per cent to 9.4 metric tonnes with strong volume increases in Senegal, Ethiopia and Cameroon and new capacities of 1.5 metric tonnes in Congo and 0.5 metric tonnes in Sierra Leone.

    Chairman, Dangote Cement Plc, Alhaji Aliko Dangote, said the 23.5 per cent increase in dividend was due to improved performance in 2017 and in line with the group’s policy to reward shareholders while retaining reasonable earnings for future growth.

    He noted that in the face of challenges in doing business in Africa, the group has benefited from diversity that it has created across its businesses and the local knowledge of doing business in neighbouring countries in Africa.

    “Our large capacity, financial strength, vertical integration and prudent management have enabled us to enter markets, gain share and withstand competitive and pricing pressures that have wrought more damage on the smaller, less well-funded manufacturers who initiated them,” Dangote said.