Monday, July 23,2018
The Group Chief Executive Officer, Dangote Cement Plc, Joe Makoju, has said the company has invested a sum of $3bn to build manufacturing plants and import/grinding terminals across Africa.
The company’s operations are in Cameroon (1.5 metric tonnes per annum clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta), according to him.
Makoju said, “Our first-half performance was very strong and driven by an excellent recovery in Nigeria, where our sales volumes increased by nearly 14 per cent and revenues rose by more than 18 per cent. Pan-African operations saw a slight fall in volumes but both revenues and EBITDA increased because of better pricing and currency conversion effects.
“In addition, we achieved the largest-ever issuance of commercial paper by a Nigerian company when we issued N50B Series 1 and 2 Notes at the end of June, with a discount rate that reflected the strength of our company and its excellent credit ratings.”
He said the company’s strong performance had been overshadowed by the tragic and heartbreaking events in Ethiopia, adding, “I would like to pay tribute to my colleagues, Deep Kamra, Beakal Alelign and Tsegaye Gidey, and offer our sincere condolences to their families.”
On the future growth plans for the company, Makoju said “As it stands, I think we will focus on building new grinding plants along the coast of West Africa, and ensure we have clinker export facilities in Nigeria. We are looking at the possibility of two new lines in Nigeria, perhaps by the end of 2020, and it’s likely these will be in Edo State and Obajana, with a combined capacity of 6Mta.”