Dangote Cement Plc (DCP), a member of the Dangote Group has announced its results for the first quarter ended March 31, 2011 with turnover put at N54.51 billion compared to N49.87 billion in 2010.
According to a statement by the company on Thursday, the unaudited interim financial report approved by the Nigerian Stock Exchange (NSE), showed that gross profit rose from N26.73 billion to N28.83 billion in the review period.
Its operating profit also increased from N25.29 billion to N27.36 billion, while profit before tax (PBT) stood at N27.90 billion as against N25.45 billion. The Cement Company posted a profit after tax of N27.47 billion, a significant leap from N24.71.
In the full year ended December 31, 2010, the company reported a turnover of N202.565 billion, as against N189.6 billion recorded for the preceding year.
While the company’s profit before tax rose by 58.9 per cent to N101.33 billion from the preceding year’s N63.8 billion, profit after tax increased by 73.7 per cent to N106.6 billion from N61.4 billion in 2009.
President of Dangote Group, Alhaji Aliko Dangote has assured the shareholders of good returns on their investments, stating that the significant contributions of the new line in Obajana and commencement of production of six million metric tons in Ibeshe plant later this year, will positively affect the company’s turnover and ultimately returns on shareholders investments.
Special Adviser to the President Dangote Group, Eng. Joseph Makoju speaking on the result said “this impressive result for 2010 financial year when viewed against the background of the relatively stable environment of 2010 is not unexpected as the supply and cost of major input of cement manufacture such as natural gas, LPFO and diesel were relatively stable.”
He commended the Federal Government for improved environment in the Niger Delta-the major source of energy driving the nation’s industrial sector adding that in the face of competition from cheap but low quality imports/products being dumped in our markets, “Nigerian manufacturers need predictable, stable and realistically priced supply of gas, fuel oil and diesel to keep their energy cost low and ultimately the end-product pricing competitive.”
Dangote Cement Plc is currently the biggest quoted company in West Africa. The latest ranking of Africa’s Top 50 Companies released by IC Publications, publishers of London-based African Business magazine, recently, indicated that Dangote Cement had a total market value of $12.2 billion, as at mid-March 2011, making it the largest company in the entire West African sub-region.
No comments:
Post a Comment