Latest news with #DangoteCement
IOL News
a day ago
- Business
- IOL News
Dangote cement's profit jumps the most in six years to record
A Dangote Cement logo. Image: Tom Saater/Bloomberg Profit at Dangote Cement, controlled by Africa's richest person, jumped the most in about six years to a record helped by a stable naira and higher prices of the construction material. Net income at the firm controlled by billionaire Aliko Dangote - who retired as chairman of the company on Friday - more than tripled to 309 billion naira (R3.9 billion) in the three months through to June from 76.6 billion naira a year ago, according to a company statement. Revenue at the firm, which has operations in at least 10 African markets, increased 14% even though volumes fell 1.4% in the quarter. Nigeria's currency, prone to extreme volatility, has hovered around 1 550 to the dollar this year helping provide stability to businesses. Smaller rival Bua Cement, controlled by billionaire Abdul Rabiu, on Friday said that profit rose five-fold to 180.9 billion naira. Sales at cement makers may rise further buoyed by spending on infrastructure projects. While inflation and foreign-exchange 'volatility remain downside risks, the combination of strong domestic demand, enhanced production capacity, and improved cost structures positions these cement giants for robust year-end performance,' Matilda Adefalujo, an analyst at Meristem Securities in Lagos said in response to questions. 'We anticipate sustained double-digit growth in both revenue and profit.' Cement makers in Nigeria are benefiting from demand as the government builds the 700 kilometers Lagos-Calabar coastal highway and rural roads. Real estate projects are also surging, with the sector now accounting for a third of the nation's gross domestic product. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Dangote Cement recorded zero foreign-exchange losses in the six months to June compared with 201 billion naira loss in the same period last year. The cement maker has been the bedrock of Dangote's business empire and wealth until he established his new 650 000 barrels-a-day refinery. Dangote's wealth valued at $28.5 billion (R511bn) makes him the continent's richest man, according to the Bloomberg Billionaires Index. Rabiu's assets are valued at $4.6bn. BLOOMBERG
Business Insider
2 days ago
- Business
- Business Insider
Dangote cement profit soars to highest level in six years
Dangote Cement Plc, owned by Africa's richest man, posted its biggest profit surge in nearly six years, driven by a stable naira and higher cement prices. Dangote Cement Plc reported a tripling of net income in Q2 to 309 billion naira due to higher cement prices and a stable naira. Revenue grew by 14% despite a 1.4% decline in sales volume, indicating pricing strength amidst stable currency conditions. The company continues its expansion with the resumption of an $800 million cement plant in Nigeria, slated for completion in 2026. Dangote Cement Plc, owned by Africa's richest man, posted its biggest profit surge in nearly six years, driven by a stable naira and higher cement prices. Net income more than tripled to a record 309 billion naira ($202 million) in the second quarter, up from 76.6 billion naira a year earlier, the company said in a statement. The announcement comes just days after billionaire Aliko Dangote stepped down as chairman of the firm. Revenue at Dangote Cement Plc rose 14% in the second quarter, even as sales volumes slipped 1.4%, showing the impact of higher prices and a relatively stable naira, Bloomberg reported. The company, which operates in at least 10 African markets, including Tanzania, South Africa, Ethiopia, Cameroon, the Republic of Congo, and Ghana, is capitalising on growing cement demand across Nigeria, the continent's largest economy. Nigeria's notoriously volatile currency has hovered around 1,550 naira to the dollar this year, offering rare stability for businesses. Infrastructure boom fuels sector growth Cement producers are also getting a boost from public infrastructure spending, including the 700-kilometre Lagos-Calabar coastal highway and various rural road projects. Smaller rival Bua Cement Plc, owned by billionaire Abdul Samad Rabiu, reported a fivefold jump in second-quarter profit to 180.9 billion naira, further showing the sector's strength. Dangote Cement, the cornerstone of Aliko Dangote's business empire, reported no foreign-exchange losses in the first half of 2025, a sharp turnaround from a 201-billion-naira loss during the same period last year. Dangote Cement is pushing ahead with its expansion plans. In March, the company resumed work on its $800 million cement plant in Itori, Ewekoro Local Government Area of Ogun State. The 6-million-metric-tonnes-per-annum (Mt/a) facility is slated for completion by November 2026. The company has been a key driver in reshaping Nigeria's industrial landscape. In June, Aliko Dangote showed how Nigeria, once the world's second-largest cement importer, has become the continent's top cement exporter, a transformation made possible by heavy investments in domestic production capacity. Today, Dangote Cement remains Africa's largest cement producer, with a total installed capacity of 48.6 Mt/a across the continent. Of that, 32.3 Mt/a is based in Nigeria, while the remaining 16.3 Mt/a spans operations in nine other African countries: Tanzania, South Africa, Ethiopia, Cameroon, Republic of Congo, Ghana, Senegal, Zambia, and Sierra Leone.
Bloomberg
2 days ago
- Business
- Bloomberg
Dangote Cement's Profit Jumps the Most in Six Years to Record
Profit at Dangote Cement Plc, controlled by Africa's richest person, jumped the most in about six years to a record helped by a stable naira and higher prices of the construction material. Net income at the firm controlled by billionaire Aliko Dangote — who retired as chairman of the company on Friday — more than tripled to 309 billion naira ($202 million) in the three months through to June from 76.6 billion naira a year ago, according to a company statement.
Bloomberg
4 days ago
- Business
- Bloomberg
Nigeria's Aliko Dangote Retires as Chairman of Dangote Cement
Aliko Dangote has retired as chairman and director of Nigeria's Dangote Cement Plc, the company he founded, according to a statement. He will be replaced effective immediately by Emmanuel Ikazoboh, the company statement said, while Mariya Aliko Dangote was appointed to the board.
Business Insider
5 days ago
- Business
- Business Insider
Africa's richest man retires as chairman of Dangote Cement
Africa's richest man, Aliko Dangote, has stepped down as Chairman of the Board of Directors at Dangote Cement Plc. Aliko Dangote, Africa's richest man, has resigned as Chairman of Dangote Cement Plc, with Emmanuel Ikazoboh succeeding him. Ikazoboh has extensive experience spanning over 40 years in senior management roles across several African countries. Dangote Cement significantly contributed to Nigeria transitioning from a major global cement importer to Africa's largest exporter. Africa's richest man, Aliko Dangote, has stepped down as Chairman of the Board of Directors at Dangote Cement Plc, marking the end of an era at one of the continent's largest cement producers. In his place, Emmanuel Ikazoboh has been appointed as the new board chairman, according to Premium Times. Ikazoboh, who previously served as an independent non-executive director, brings more than four decades of senior management experience across Nigeria, Côte d'Ivoire, Cameroon, and South Africa. Further details about the leadership change and its implications for the company's strategy are expected in the coming days. In June, Mr. Dangote stepped down as Chairman of Dangote Sugar Refinery Plc, marking the end of two decades of leadership at one of Nigeria's most profitable food companies. The move, according to the company, was 'in line with the principles of good corporate governance and succession planning.' Dangote Cement has played a significant role in transforming Nigeria's economy. In June, Dangote noted that Nigeria, once the second-largest importer of cement globally, now exports more cement than any other African country, thanks to massive local investment in production capacity. Nigerian-based Dangote Cement remains Africa's largest cement producer, with a total installed capacity of 48.6 million metric tonnes per annum (Mt/a) across the continent. Of this, 32.3 Mt/a is located in Nigeria, while the remaining 16.3 Mt/a spans nine other African countries: Tanzania, South Africa, Ethiopia, Cameroon, Republic of Congo, Ghana, Senegal, Zambia, and Sierra Leone.
