Cement News tagged under: Nigeria
Ibeto Cement signs deal to receive US$850m in funding29 May 2018, Published under Cement NewsNigeria’s Ibeto Cement Co Ltd has signed a deal to receive US$850m in financing from Milost Global Inc, according to the New York-based private equity firm. The binding agreement includes US$500m in equity and US$350m of debt. The chairman of the Ibeto Group, Cletus Ibeto, has announced the company’s plan to grow beyond west Africa through the acquisition of other cement businesses within the next 12 months, according to Milost Global. The cement producer is currently developing two cement ... |
Lafarge Africa plans to cut debt over the next 18 months25 May 2018, Published under Cement NewsLafarge Africa Plc plans to cut debt over the next two years as it seeks to boost profit before resuming expansion, according to the company’s chairman, Mobolaji Balogun. The company expects its leverage ratio to fall from over 100 per cent to between 60-70 per cent over the next 18 months, according to Bloomberg. "As soon as the debt becomes more comfortable, we don’t sit there, we will put the foot down on the next round of expansion," said Mr Balogun. The company’s total debt has droppe... |
A strong domestic market drives Dangote's 1Q18 results27 April 2018, Published under Cement NewsThis week Dangote Cement Group reported on its 1Q18 business results that saw group revenues surge up 16.3 per cent to NGN242.1bn (US$0.67bn). Cement sales in Nigeria have been particularly strong rising by 5.3 per cent to 3.97Mt, while exports from the company’s homeland have risen to 211,000t in 1Q18 with Togo, Niger and Ghana the main export destinations. Pan-African sales increased 4.4 per cent YoY to 2.24Mt. "The first quarter of 2018 has started strongly with substantial increases ... |
Dangote orders first MVR and MPS mills from Gebr Pfeiffer27 April 2018, Published under Cement NewsDangote Cement PLC has ordered a Gebr Pfeiffer MVR 6000 R-4 for raw material mill and an MPS 3350 BK coal mill for its new Okpella plant in Edo State, Nigeria. This order is the first Dangote Cement order for Gebr Pfeiffer. The MVR mill featuring a total drive power of 4000kW will be grinding 550tph of cement raw material to a fineness of 10 per cent R90µm. The MPS 3350 BK coal mill with a drive power of 1100kW is designed for a throughput rate of 50-70tph will grind Nigerian coal or im... |
Dangote Cement Group's revenue up 16% in 1Q1825 April 2018, Published under Cement NewsDangote Cement group released its 1Q18 results and reported revenue up 16.3 per cent to NGN242.1bn (US$672m). This gives Dangote a market share of approximately 66 per cent. Group EBITDA rose by 22.2 per cent to NGN 125.9bn, while Pan-African EBITDA increased by 77.3 per cent to NGN13.1bn. In the domestic market of Nigeria, Dangote sold 3.7Mt of cement in the 1Q18, up 5.3 per cent on 1Q17 after slightly lower sales in January and February. Of Nigeria’s total 1Q18 sales, nearly 211,000t was... |
Loesche wins VRM order for Objana's Line 523 April 2018, Published under Cement NewsLoesche is delivering two vertical roller mills (VRM) for Dangote Cement's Obajana plant's new line in Kogi State, Northern Nigeria. With a total capacity of more than 12Mta, this plant is currently not only the largest cement plant in Nigeria but also the largest cement plant in sub-Saharan Africa. Loesche's order for the new Line 5 in Obajana comprises a high-performance six-roller mill for cement raw meal with a capacity of 580tph – the largest roller mill for raw material in the Loesche... |
Lafarge Africa records sales increase in 201711 April 2018, Published under Cement NewsA NGN33bn (US$105m) write-down on Lafarge Africa’s operations in South Africa and Nigeria resulted in a wider loss for 2017, according to Reuters. The one-off impairment charge resulted in a pretax loss of NGN34.03bn, a 32.9 per cent fall from the loss of the previous year. However, the company’s chief financial officer, Bruno Bayet, said that he expected 2018 to bring growth and that Lafarge Africa’s sales rose 36 per cent last year. "The operations in Nigeria are still very robust and w... |
CEO to list BUA Cement on the Nigerian Stock Exchange05 April 2018, Published under Cement NewsThe founder of BUA Group, Abdulsamad Rabiu, has announced plans to list the cement sector of the company on the Nigerian Stock Exchange (NSE). Abdulsamad Rabiu, recently nominated for African CEO of the year, stated that he would list BUA Cement on the NSE as soon as it meets the necessary requirements, according to an interview on Channels Television. "We are definitely going to list the cement business because I think we should also give others the opportunity to participate in the... |
CCNN record 39% increase in revenue for 201727 March 2018, Published under Cement NewsCement Company of Northern Nigeria (CCNN) Plc has announced a 39 per cent YoY increase in revenue for the full-year 2017 period, to NGN19.59bn (US$54.41) from NGN14.09bn. Despite the cost of sales rising 18 per cent to NGN11.98bn, profit after tax advanced 157 per cent to NGN3.22bn (2016: NGN1.25bn). As a result, the directors of the company have approved a dividend of NGN1.57bn, or 125 kobo per share, for the shareholders. |
BUA Group CEO nominated for African CEO of the year27 March 2018, Published under Cement NewsExecutive Chairman/CEO of BUA Group Abdulsamad Rabiu has been shortlisted as a nominee for the Africa CEO of the year Awards scheduled to be held in Abidjan, Côte d’Ivoire. Within the year under review, BUA Group opened its US$1bn cement plant line 1 and 2 in Obu-Okpella in Edo State, completed the construction of its Sokoto Cement expansion, concluded the construction of its BUA rice mill in Kano State and completed its BUA sugar plant in Port Harcourt. The Africa CEO of the Year Award... |