• Monday, May 27, 2024
businessday logo


Dubai Chamber report confirms Sub-Saharan Africa’s business potential for the Middle East


Dangote Cement, Africa’s biggest producer of the building material, said it plans to more than double annual total output to 55 million metric tons by 2015, more than the 51 million it forecast last year.

The target, up from current output of 20 million tons, is based on “visible projects in Africa,” Chief Executive Officer Devakumar Edwin said last week on a conference call from Lagos, Nigeria’s commercial capital.

The company, owned by billionaire, Aliko Dangote, plans to start output in Cameroon, Zambia and South Africa in 2014, while it expects to produce in Tanzania, Ethiopia and Democratic Republic of Congo in 2015, Edwin said.

Dangote Cement expects steady progress on Africa from this year and “an increase in volumes from Nigeria with sales nearly up 16 percent in the first quarter of 2013, more than the market’s growth rate.”

Dangote Cement’s net income for the year through December advanced to N149.6 billion ($941.8 million) from N120.9 billion a year earlier, the company said last week.

Revenue rose 24 percent to N298.5 billion.

Dangote expects exports to West Africa to boost revenue in 2013 and 2014 as its export terminals in Lagos and Onne in Nigeria’s Rivers State become operational in 2014, Edwin said.

The company’s shares have advanced 25 percent this year, compared with an 18.6 percent rise in the Nigerian Stock Exchange All-Share Index.