{"id":8048,"date":"2016-08-06T12:35:26","date_gmt":"2016-08-06T11:35:26","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8048"},"modified":"2016-08-06T12:36:50","modified_gmt":"2016-08-06T11:36:50","slug":"dangote-cement-envisages-positive-growth-outlook-for-h2","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/dangote-cement-envisages-positive-growth-outlook-for-h2\/","title":{"rendered":"Dangote Cement Envisages Positive Growth Outlook For H2"},"content":{"rendered":"

By Friday Ekeoba<\/p>\n

Notwithstanding the hash economic realities\u2019, Dangote Cement Plc, a\u00a0leading cement manufacturer in the domestic economy has said that\u00a0the company bottom-line will further experience a positive growth as\u00a0volume of sales is expected to increase in the second-half of 2016.<\/p>\n

The company said the financial health of the conglomerate will further\u00a0receive a boost in the year considering the company\u2019s drive to grow\u00a0its capacity in using coal as another alternative source of energy to\u00a0drive its operations.<\/p>\n

Addressing the capital market community on Wednesday during\u00a0the company\u2019s facts behind the figures on the Lagos floor of the\u00a0Nigerian Stock Exchange (NSE), the Chief Executive Officer, Mr. Onne\u00a0Van der Weijde said thecompany will continue to leverage on cost\u00a0reduction and alternative energysource to boost its financials.<\/p>\n

Speaking further on the positive look for the company in\u00a0thesecond-half of the year, he said the company expect Ghana to import\u00a0more cementfrom Nigeria even as plants in Tanzania and Congo will\u00a0contribute greatly tothe company\u2019s bottom-line in H2.<\/p>\n

He noted that the company will also focus on protection of margins in\u00a0the domestic economy, noting that \u201cmore coal facilities in Nigeria\u00a0coming on stream. Nigeria will export more cement to ECOWAS, especially\u00a0Ghana. He explained that the devaluation of the naira will affect costs\u00a0in the country and Dangote will seek to protect its profit margins just\u00a0as \u201cexpansionplan now likely to take 3-5 years owing to currency\u00a0constraints\u201d, he added.<\/p>\n

X-raying the company in H1, Weijde said Cementsales volumes in the\u00a0period increased 60 per cent, bolstered by record volumes in its home\u00a0market, where the company announced a price cut last September, as well\u00a0as new plants elsewhere on the continent.<\/p>\n

Dangote Cement Plc had reported a revenue of N292billion for the half\u00a0year ended June 30,\u00a02016, indicating an increase of 20 per cent over\u00a0N242billion posted in the corresponding period in 2015.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

According to the reports filed with the Nigerian Stock Exchange (NSE),\u00a0profit before tax rose to N229.9billion in 2016, from N145.6billion in\u00a02015. However, Profit after tax fell by 14 per cent to N106.3billion,\u00a0compared with N123.1billion in the corresponding period of 2015.<\/p>\n

A further analysis of the performance showed that the fall in profit\u00a0for half year resulted from foreign exchange loss of about N101 billion\u00a0which shot up the finance cost to N118 billion in 2016, up from N24.381\u00a0billion in 2015.<\/p>\n

Commenting on the results yesterday, Weijde said: \u201cWe have achieved a\u00a0commendable result,given the very challenging situation in our main\u00a0market and general economic weakening across Africa.\u201d\u00a0He said the management would continue to respond to the prevailing\u00a0operating environment with strategically thought measures for the\u00a0organisation to maintain its leadership and profitability.<\/p>\n

Speaking on the expansion, he added: \u201cWhile the company remains\u00a0committed to its ambitious plans, we are taking a more measured\u00a0approach to the roll-out of new capacity across Africa.\u201d<\/p>\n

Dangote Cement has more than doubled production capacity since 2013 and\u00a0said in April it may increase cement capacity by a further 77 per cent\u00a0by the end of 2019.However,\u00a0foreign exchange constraints in Nigeria\u00a0have prompted the company to reconsider the pace of its expansion and\u00a0now believes a five-year building program is more appropriate, it said.<\/p>\n

According to the company, earnings in the period were affected by lower\u00a0selling prices, higher fuel costs and the fact that several new plants\u00a0are still in less-efficient start up phases.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Friday Ekeoba Notwithstanding the hash economic realities\u2019, Dangote Cement Plc, a\u00a0leading cement manufacturer in the domestic economy has said that\u00a0the company bottom-line will further experience a positive growth as\u00a0volume of sales is expected to increase in the second-half of 2016. The company said the financial health of the conglomerate will further\u00a0receive a boost in …<\/p>\n","protected":false},"author":11,"featured_media":8049,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[671],"coauthors":[2392,2393],"class_list":["post-8048","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-dangote"],"yoast_head":"\nDangote Cement Envisages Positive Growth Outlook For H2 - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/dangote-cement-envisages-positive-growth-outlook-for-h2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dangote Cement Envisages Positive Growth Outlook For H2 - National Wire\" \/>\n<meta property=\"og:description\" content=\"By Friday Ekeoba Notwithstanding the hash economic realities\u2019, Dangote Cement Plc, a\u00a0leading cement manufacturer in the domestic economy has said that\u00a0the company bottom-line will further experience a positive growth as\u00a0volume of sales is expected to increase in the second-half of 2016. 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