Dangote Exports 400,000 Metric Tons Cement To Neighboring Countries
Following continuous increase in its production capacity, Dangote cement Plc has finally ended the era of Nigeria’s dependence on importation as the company exported 0.4 million tons of the product to other countries in 2016.
Also, the board of director of the company declared a dividend of N8.50 per share to its shareholder for its financial year ended December 31, 2016.
In its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos yesterday, Dangote Cement sold 8.6 million metric tons of cement outside Nigeria, which is 54 per cent 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.
While presenting the results, chief executive officer of the company, Onne van der Weijde, assured the investors of better returns on their investment in the Dangote Cement.
According to him, 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.
The economic challenges notwithstanding, Onne revealed that Dangote Cement achieved sales and revenue growth of 25 per cent and consolidated its position as Africa’s leading producer of cement.
While sales from Nigerian operations increased by 13.8 per cent to nearly 15.1 million metric tons at a growth rate far higher than the country’s GDP, which fell in 2016, its total revenue leaped by 25.1 per cent to N615.1 billion. Its profit after tax grew to N186.62 billion from N181.32 billion in 2015.
Dangote Cement earnings per share increased by 4.5 per cent to N11.34 and the dividend payout to the shareholders also increased significantly by 6.3 per cent to N8.50 per share.
