Dangote Cement one of Nigeria leading cement manufacturing company said its targeting more export to West and Central African countries. The Group Chief Executive Officer Mr Onne Van der Weijde disclosed this to capital market stakeholder at a facts behind its figures at the floor of Nigerian Stock Exchange in Lagos.
Top on the list of countries in the West African region is Ghana, which they have allocated 1000 trucks that will deliver cement. Others are Cameroon, Senegal, South Africa, Tanzania, Zambia and Ethiopia.
Weijde noted that the company remains committed to its ambitious plans, as it taking a more measured approach to roll-out capacity across Africa. On the company financial result for second quarter ended June 30, 2016, the company reported a revenue of N292 billion which an increase of 20 percent over N242 billion posted in the corresponding period in 2015.
According to the reports profit for period stood at N106.3 billion representing a slight decline by 3 percent from 123.1 billion naira declared in 2015. Cement sales volumes in the period increased by 60 percent, bolstered by record volumes in its home market, where the company announced a price cut last year September.
While answering questions from stock brokers, market analyst and financial journalist, he explained that, although as at June they are yet to feel the impact of naira devaluation, foreign-exchange constraints in Nigeria have prompted the company to reconsider the pace of its expansion and now believes a five-year building program is more appropriate.
Stressing that the half year earnings was affected by lower selling prices, higher fuel costs and the fact that several its new plants are still in less-efficient start up phases. Dangote Cement boss said the company will be focusing on coal in order reduce the cost and low availability of gas for their operations.
According to him “We will begin mining our own coal at Ankpa, Kogi State in fourth quarter of 2016, quality is good enough to use 100 percent, most coal mill will be operational by end of September, and coal will transform profitability of Gboko”.