Dangote Cement, Africa’s largest producer of the building material, said nine-month profit gained 12% as expansion on the continent helped offset weaker demand in its home market of Nigeria.Net income was 158 billion naira ($794 million) in the nine months through September, compared with 141 billion naira a year earlier, the Lagos-based company said in a statement on Monday. Sales rose 18% to 366 billion naira. Lower oil prices and a weaker currency were among factors weighing on the Nigerian business, where sales declined 0.7%.
“Our new operations have made strong starts right across Africa and this has helped to offset the impact of a subdued economy in Nigeria,” said Chief Executive Officer Onne van der Weijde. “We remain optimistic that our home market of Nigeria will recover and this will restore growth and improve overall profitability.”
Dangote Cement, controlled by Africa’s richest man, Aliko Dangote, is seeking to grow sales and protect market share in Nigeria, while expanding elsewhere in sub-Saharan Africa, including Tanzania and Zambia. The company cut prices in its home market in September to boost consumption and compete with imports.
©2015 Bloomberg News
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Reporting by Babatunde Akinsola in Lagos, Nigeria.
