Dangote Cement has ended the era of Nigeria’s dependence on imported cement exporting 400,000 tons of cement in 2016.
In its 2016 full year audited results Dangote Cement sold 8.6 million metric tons of cement outside Nigeria, which is 54% more than what was sold in 2015.
The export is significant given that the nation used to be a net importer of cement. As at 2011, Nigeria was one of the world’s largest importers of cement, buying 5.1 million metric tons of foreign cement at huge expense to the country’s balance of payments.
The company’s Pan-African cement plants continued to perform well, contributing significantly to its turnover and profitability. ??Onne van der Weijde, chief executive, Dangaote, said: “The new year has started well and we expect much higher profitability in Nigeria in 2017, even though we may not see the volume growth we achieved in 2016. I am confident that we will deliver an even stronger performance in 2017 as we increase market share and extend our reach across Africa.”
Onne said Dangote Cement achieved sales and revenue growth of 25% and consolidated its position as Africa’s largest producer of cement.
Sales from Nigerian operations increased by 13.8%to nearly 15.1 million metric tons. Total revenue was up 25.1% to ?615.1 billion.
Dangote Cement earnings per share increased by 4.5% to ?11.34 and the dividend payout to the shareholders also increased by 6.3% to N8.5 kobo per share.
