Cement News tagged under: Dangote Cement
Dangote Cement sells 2.3% stake to foreign investors02 August 2017, Published under Cement NewsNigeria's Dangote Industries Ltd sold a 2.3 per cent stake in Dangote Cement to foreign investors on Tuesday in a stock market deal valued at NGN86.1bn (US$236m), Reuters reported yesterday. Dangote Cement has been selling small stakes to increase its free float. A spokesman for the Nigerian Stock Exchange said 416 million shares of Dangote Cement were sold on Tuesday at NGN210 each in six off-market deals negotiated between Stanbic IBTC and Meristem stockbrokers. |
Dangote Cement's 1H17 revenues rise by 41%31 July 2017, Published under Cement NewsDangote Cement has released its 1H17 results, announcing group revenues of NGN412.7bn (US$1.31bn), up 41.2 per cent, and an EBITDA of NGN203.7bn, up 53.7 per cent. In Nigeria total cement demand reached 10.2Mt in January-June 2017, according to Dangote estimates. This represents a 23.2 per cent contraction when compared with 1H16, when demand was estimated at 13.3Mt. Of total market sales in the 1H17, just 0.1Mt was imported. As a result of the fall in domestic cement consumption, Dang... |
Dangote Cement's pan-African expansion boosts financial strength21 July 2017, Published under Cement NewsDangote Cement's strategy of rapid capacity build across Africa with prudent financial management has led the company to recently be recognised for its financial strength. The next wave of development sees Dangote almost doubling capacity, further consolidating its position as sub-Saharan Africa's leading cement supplier. Earlier this month two global rating agencies, Moody's Investors Service and Global Credit Ratings (GCR), rated Dangote Cement positively for its financial strength and co... |
Moody's assigns first-time Ba3 and Aaa.ng ratings to Dangote Cement06 July 2017, Published under Cement NewsMoody’s has assigned a first-time Ba3 Local Currency Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating and Aaa.ng National Scale Rating (NSR) to Dangote Cement Plc (DCP). The outlook on the ratings is stable. "Dangote Cement Plc’s Ba3 local currency corporate family rating, one-notch above the Government of Nigeria’s own rating, reflects the company’s strong standalone credit profile and track record of demonstrated financial support from a larger and more diversified par... |
Dangote to seek intervention on Oromia order22 June 2017, Published under Cement NewsDangote Cement Plc is to seek intervention regarding the state of the Ethiopian state of Oromia's order calling on cement makers to hand over control of some parts of their businesses to local young people, according to a report by Bloomberg. Oromia state’s East Shewa Zone administration wants the Nigerian company to outsource its pumice, sand and clay mines to youth groups or be responsible for “any problems” that may arise, according to a letter from the authority to Dangote that was seen... |
Dangote Cement's Congo plant nears completion02 June 2017, Published under Cement NewsDangote Cement Plc is close to completing its new US$300m cement grinding plant at Bouansa in the Republic of Congo and plans to commence production this month. With the project the company hopes to boost its production capacity by at least 1.5Mta and help the Nigeria-based multinational achieve its target of being a major cement exporter on the continent. The Plant Director for Congo Operations, Ganapathy Balasubramanian, stated that the Congo plant cost XAF133bn (US$300m). The new gri... |
Dangote Cement delivers strong financial performance02 May 2017, Published under Cement NewsDangote Cement reported a strong financial performance in 1Q17 despite a fall in volumes, with record revenues which were up by 48.1 per cent to NGN208.2bn (US$679.6m) and record EBITDA of NGN103.bn, up 42.3 per cent. “Dangote Cement produced record financial results in the first three months of 2017. Despite lower Group volumes, we delivered significantly higher revenues and EBITDA after realigning prices late in 2016. Our new pricing strategy meant every tonne worked harder for us in Ni... |
Ethiopian production faces disruptions over jobs plan23 March 2017, Published under Cement NewsRegional officials in Ethiopia are demanding that foreign cement producers, including Dangote Cement and Derba Midroc Cement, should let cooperatives of unemployed young adults run part of their mining businesses. A draft contract drawn up by Oromia state’s East Shewa Zone administration this month calls for the young adults to operate pumice mines for the cement producers, according to Bloomberg. Prime Minister Hailemariam Desalegn’s administration is trying to reduce youth unemployme... |
Nigerian government commends Dangote Cement self-sufficiency feat20 March 2017, Published under Cement NewsThe Nigerian government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, ascribing the feat to Dangote Cement which spare headed the backward integration policy introduced by the government, the cement company said in a statement today. Minister for Solid Minerals Development, Dr Kayode Fayemi, who leads a team of the federal government to the Dangote Cement plants in Ibese, Ogun State, at the weekend s... |
Tanzania: state offers Dangote land to mine coal13 March 2017, Published under Cement NewsFollowing last year’s deal by Tanzania’s government to supply natural gas to Dangote Cement in the southeastern town of Mtwara, the state has offered land to the Nigerian company to mine coal for its operations. Tanzania’s Ministry of Energy and Minerals handed a 10km 2 plot of land to the 3Mta cement factory set up in 2015. According to local sources, the move was sanctioned by President John Magufuli to allow the company get a reliable supply of coal to fuel its activities. Tanzania ha... |