Dangote Cement is a behemoth in the Nigerian building materials industry that’s just getting started.
The largest maker of cement in Nigeria with operations in 11 other African countries’ saw a 52 percent spike in net-income in the first half of the year, mostly as a result of higher sales volumes.
Sales volume surged by 26 percent to 15.27 million tons as at June 2021, from 12.114 million tons a year earlier as the firm expanded capacity in its cement plants across the continent.
Dangote Cement increased its cement production and bagging capacity by 3 million tons as at June 2021, to 48.550 million tons.
Revenue from the sale of cement surged to N690.5 billion in June 2021, from N476.8 billion a year ago, a 44.8 percent increase.
As a result, after-tax profit for the period increased by 52 percent to N191.63 billion from N126.14 billion in 2020.
Dangote Cement’s share price closed trading at N248.1 per share on Friday. The stock is up 1.3 percent so far in 2021.