Cement News tagged under: Nigeria
AshakaCem chairman resigns11 May 2017, Published under Cement NewsMallam Suleiman Yahyah, chairman of Nigeria-based AshakaCem Plc, has tendered his resignation from the company. “In line with the listing requirements of the Nigerian Stock Exchange (NSE), the Board of Directors hereby announce the resignation of Mallam Suleiman Yahyah, OON as the Chairman of the Board of Directors of the Company with effect from May 2, 2017," a statement by the company said. Mallam Yahyah joined the Board of Directors of AshakaCem Plc in 2010, and was appointed as chai... |
CCNN earnings recover on strong prices04 May 2017, Published under Cement NewsThe Cement Company of Northern Nigeria (CCNN) reported sizeable growth across all profit lines in the first quarter of 2017. In line with trend observed across other industry players, strong cement prices (up around 70 per cent YoY) weighed on CCNN’s cement volume but still provided greater positive impact on topline as revenue rose 22 per cent YoY to NGN4.4bn (US$13.9m), Vetiva Research said in a note on CCNN's results. Energy supply, particularly LPFO, remained stable over the quarter (a... |
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... |
Lafarge Africa revenue rises26 April 2017, Published under Cement NewsLafarge Africa Plc announced a profit after tax of NGN5.2bn (US$17m) versus NGN1.9bn in the same period of last year driven by an increase in revenue, comparatively higher gross margin and higher investment and other income. Cement revenue grew by 61 per cent YoY, as relatively higher prices in both Nigeria and South Africa more than offset the lower sales volume experienced in both markets. In Nigeria volumes grew by six per cent compared to the final quarter of 2016 but were down by 12 ... |
Nigeria: Ashaka Cement sees 27% profit drop in 201618 April 2017, Published under Cement NewsIn its audited results Ashaka Cement reported revenues slipping to NGN17.351bn (US$56.8m) in 2016 from NGN17.145bn the previous year. Profit before tax fell from NGN3.209bn in 2015 to NGN2.663bn in 2016. Profit after tax saw a 27 per cent decrease from NGN2.76bn in 2015 to NGN2.01bn one year later. The company applied for a voluntary delisting from the Nigerian Stock Exchange following a violation of the stock exchange’s requirement of a free float deficiency provision of 20 per cent ... |
Dangote Cement28 March 2017, Published under Cement NewsDangote reported cement sales of 2Mt in Ethiopia in 2016, giving it an estimated market share of 24 per cent, despite renewed competition in 4Q16. The company’s 2.4Mta plant, located in Mugher, 90km from the capital Addis Ababa, opened in May 2015, achieving 1Mt of sales in its first seven months of operation. The plant has not only been supplying the domestic market, where low per capita consumption and good economic growth bode well for the producer, it has also been exporting, primaril... |
Lafarge Africa reports EBITDA FY16 of NGN29bn23 March 2017, Published under Cement NewsLafarge Africa plc reports a significant increase in profit after tax in 4Q16 while net sales and operating EBITDA rose by 12 and 288 per cent, respectively in 4Q16. However, operating EBITDA for FY16 fell to NGN29bn (US$95m) from NGN67.3bn in 2015. Profit after tax in FY16 reached NGN16.9bn. Net debt was reduced to NGN108.3bn, below the NGN120bn announced, notably supported by capex control and solid cash flows. Commenting on the company’s 2016 performance, Michel Puchercos, CEO of L... |
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... |
Nigeria: 1.68Mta integrated cement plant has been proposed for Ogun state09 March 2017, Published under Cement NewsA new 1.6Mta integrated cement plant has been proposed near Ewekoro, Ogun state, Nigeria, and an environmental and social impact assessment is being carried out. Southport Cement Ltd is in the process of acquiring the land for the quarry, which will be located just 10km from a Dangote cement works and 14km from the Lafarge Africa (Wapco) Segamu cement plant. The aim is to provide a facility that produces 5000tpd of clinker with CEMI and II types of cement. There are reported to be lim... |
Nigeria: Dangote exports 0.4Mt in 201601 March 2017, Published under Cement NewsFollowing a continuous increase in its production capacity, Dangote Cement marked the end of Nigeria’s dependence on imported product by exporting 0.4Mt in 2016. In its 2016 audited results presented yesterday, Dangote Cement noted that in total it had sold 8.6Mt of cement outside Nigeria, a 54 per cent increase on 2015. The export is significant given that the nation used to be a net importer of cement. In 2011 Nigeria was one of the world’s largest importers of cement, buying 5.1Mt o... |