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In Africa, Dangote Cement records 12.6% Sales volume increase.
Africa’s largest cement producer, Dangote Cement has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 percent increase in sales volume across Africa. has announced its unaudited results for the six months ended 30th June 2017, posting a 12.6 percent increase in sales volume across Africa.
In the financials released on the floor of the Nigerian Stock Exchange indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote Cement continues to gain grounds.
Revenues from operations in Nigeria increased by 34.5 percent to ₦291.4 billion while Pan-Africa revenue increased by 63.7 percent to ₦124.4B from ₦76.0B mainly as a result of increased volumes and foreign exchange gains when converting the sales from country local currency into Naira.
Analysis of the half year result revealed that sales volumes of African operations increased by 12.6 percent to 4.7 million metric tons with Sierra Leone making a 53 kt maiden contribution.
Record of sales from its operations scattered around the African continent revealed that a total of 1.1million ‘metric tons of cement was sold in Ethiopia, almost 0.7 million metric tons sold in Senegal, 0.6 million metric tons sold in Cameroon, and 0.5 million tons in Ghana.
Also, 0.4 million metric tons of cement was sold in Tanzania and 0.3 million tons in Zambia. Sales volumes from Nigerian operations fell from 8.8Mt to 6.9Mt, occasioned by the onset of rains which stalled many construction projects.
Our Pan-African operations are growing well and increasing market share
Reflecting on the half year results, Dangote Cement’s Chief Executive Officer, Onne van der Weijde expressed satisfaction that the company’s revenues have continued to grow despite low sales from the Nigerian operations noting that the revenues grew on the strength of sales from other African operations
Said he: “Our revenues have continued to grow despite the lower volumes seen in Nigeria, especially because of the recent heavy rains. Our margins have improved significantly, helped by improved efficiencies and a much better fuel mix in Nigeria.
“We are using much more gas and increasing our use of coal mined in Nigeria, thus reducing our need for foreign currency and supporting Nigerian jobs.
”Our Pan-African operations are growing well and increasing market share. We saw our the first sales from Sierra Leone in the first quarter and our new plant in the Republic of Congo will be in production at the end of July, further increasing our footprint across Africa and strengthening our position as its leading manufacturer of cement.”
The Company reports that it estimated that Nigeria’s total market for cement was 10.2 million tonnes (Mt), 23.2% lower than the estimated 13.3Mt sold in Nigeria in the first half of 2016. Of total market sales in the first half of 2017, just 0.1Mt was imported.
“As a result of the slower market, our Nigeria operation sold nearly 6.9Mt of cement, down 21.8% on the 8.8Mt sold in the first half of 2016. We estimate our market share to have been about 64.5% during the first six months of 2017.
Dangote Cement is a high-growth, low-debt, internationally diversified company that has just paid a dividend amounting to nearly 75% of 2016 net profits to shareholders. “The recent publication of our credit ratings highlights the financial strength we have achieved through our unwavering focus on the profitable expansion of the business, underpinned by our belief that we must remain prudent in our financial management.”, Mr. Weijde stated.
Engr Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has disclosed that the nation’s oil and gas reserves have risen to 37.50 billion barrels as of January 1, 2024.
This marks an increase from the 37.046 billion barrels recorded in May 2022.
Komolafe emphasised the implementation of robust policies aimed at enhancing and optimising oil and gas operations across the country.
Notably, gas reserves stand at 102.59 trillion cubic feet (TCF), with non-associated gas reserves reaching 106.67 TCF, culminating in a total of 209.26 TCF of gas reserves.
Addressing concerns during a press conference held in Abuja on Monday regarding crude supply regulation and enforcement, Komolafe underscored the importance of prioritising feedstock supply to local refineries while addressing grievances from oil producers and the Dangote Refinery within specified timelines.
This announcement follows recent reports of a decline in Nigeria’s crude oil production during February and March 2024.
According to data from the April 2024 Monthly Oil Market Report of the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production (excluding condensates) experienced its second consecutive monthly decrease, dropping to 1.231 million barrels per day in March from 1.322 million barrels per day in February.
OPEC attributed this decline, amounting to a reduction of 91,000 barrels per day, to factors communicated directly from Nigeria.
The Chairman, House of Representatives Committee on Federal Road Maintenance Agency (FERMA), Engr. Aderemi Oseni has commiserated with the senator representing Oyo North Senatorial District, Senator Abdulfatai Buhari over the loss of his mother, Alhaja Buhari.
The matriarch, who passed away on Monday, April 8, has left a void in the family that Oseni described as irreparable.
In a condolence message released on Wednesday by his media aide, Idowu Ayodele, in Ibadan, and made available to newsmen, the lawmaker expressed his deep sympathy, praying for Alhaja Buhari to find eternal rest in the arms of God.
Oseni, who also represents Ibarapa East/Ido Federal Constituency, urged Senator Buhari and his family to find solace in the legacy of achievements left behind by their late matriarch.
He emphasised the importance of cherishing the memories of her life and the successes attained by her children.
The statement read, “Distinguished Senator Buhari, I was deeply saddened to hear about the passing of Mama, Alhaja Buhari. Please accept my heartfelt condolences and deepest sympathy during this difficult time.
“Alhaja was a pillar of strength and a source of love and guidance for your family and community. Her legacy of kindness, wisdom, and resilience will continue to live on in the hearts of all who knew her.
“May you and your family find comfort and solace in the cherished memories you shared with her, and may the love and support of friends and well-wishers provide you with strength and courage in the days ahead.
“Please know that my thoughts and prayers are with you and your family as you navigate through this time of grief”, Oseni continued.
As Muslims globally observe Eid-el-Fitr, signifying the conclusion of the Ramadan fast, the lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo State and Chairman of the House of Representatives Committee on Federal Road Maintenance Agency (FERMA), Engr. Aderemi Oseni has called upon Nigerians to prioritise nation-building efforts during this festive period.
Oseni, in a statement on Tuesday by his media aide, Idowu Ayodele, emphasised the importance of collective action and unity in advancing the nation’s development agenda.
He highlighted the significance of Eid-el-Fitr as a time for reflection, gratitude, and community solidarity.
“As we celebrate Eid-el-Fitr, let us not forget the critical task of nation-building that lies before us. Nigeria’s progress depends on our ability to work together, transcend divisions, and build a cohesive society,” the lawmaker stated.
The APC chieftain urged Nigerians to set aside differences and focus on common goals that promote peace, unity, and socio-economic prosperity.
Emphasising the need for inclusivity, Oseni encouraged citizens to actively participate in initiatives aimed at fostering national cohesion and development.
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