Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 per cent increase in sales volume across Africa
In the financials released on the floor of the Nigerian Stock Exchange indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote Cement continues to gain grounds.
Revenues from operations in Nigeria increased by 34.5 per cent to ₦291.4 billion while Pan-Africa revenue increased by 63.7 per cent to ₦124.4B from ₦76.0B mainly as a result of increased volumes and foreign exchange gains when converting the sales from country local currency into Naira.
Analysis of the half year result revealed that sales volumes of African operations increased by 12.6 per cent to 4.7mn metric tons with Sierra Leone making a 53 kt maiden contribution.
Record of sales from its operations scattered around the African continent revealed that a total of 1.1mn ‘metric tons of cement was sold in Ethiopia, almost 0.7mn metric tons sold in Senegal, 0.6mn metric tons sold in Cameroon, and 0.5mn tons in Ghana.
Also, 0.4mn metric tons of cement was sold in Tanzania and 0.3mn tons in Zambia. Sales volumes from Nigerian operations fell from 8.8Mt to 6.9Mt, occasioned by the onset of rains which stalled many construction projects.
The Company reports that it estimated that Nigeria’s total market for cement was 10.2mn tonnes (Mt), 23.2 per cent lower than the estimated 13.3Mt sold in Nigeria in the first half of 2016. Of total market sales in the first half of 2017, just 0.1Mt was imported.
