Dangote Cement Plc, Africa’s biggest producer of the building material, will start production at its Ibese plant in southwestern Nigeria this month, Chief Executive Officer Devakumar Edwin said.
The company will add an additional production line at its Obajana plant in central Nigeria in the fourth quarter, Edwin said on a conference call from Lagos today.
“By the end of the first quarter of next year, both plants will be operating at 90 percent of capacity,” Edwin said. Obajana will have the capacity to produce an additional 5 million metric tons of cement, or twice its current capacity of 5 million tons, while Ibese has a capacity for 6 million tons, he said.
Dangote Cement is the biggest company by market value on the Nigerian Stock Exchange with a capitalization of 1.61 trillion naira ($10.4 billion). The company expects its total annual production capacity to rise to 50 million tons in the next five years, it said on April 13.
The stock was unchanged at 104 naira by the 2:30 p.m. close in Lagos.
No comments:
Post a Comment