Dangote Cement’s off-shore investments drive Q1 profit to N74.7b
DANGOTE Cement has announced a gross profit of N74.7 billion for the three months ended 31st March 2015, indicating an increase of 10.5 percent over N67.63 billion recorded in the same period in 2014.
According to the cement giant’s unaudited results for first quarter of 2015, revenue rose by 10.8 per cent to ₦114.7billion compared to N103.57 billion in the corresponding period of 2014.
The firm explained that the improvement in the first results was buoyed by maiden contributions from non-Nigerian factories.
In a statement made available to The Guardian, net profit was up 44.1 percent to ₦68.6 billion in contrast to N47.62 billion in 2014, while earnings per share grew by 45.7 percent to ₦4.09.
“The group’s cement sales volume was up by 3.4 percent to 3.8 million tonnes driven by contributions from South Africa, Senegal, Cameroon and new lines in Nigeria. The margins from Nigeria increased by new pricing, improved gas supply and more use of coal. Dangote Cement Plants are now operational in Zambia and Ethiopia. The new plants are expected to impact positively on the financials of the cement giants”, the company explained.
Speaking on the first quarter results, Chief Executive officer, Dangote Cement, Onne van der Weijde, said: “Our African projects are now beginning to deliver revenue growth for the Group and even at this early stage we are seeing good potential in all the countries into which we are expanding.