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Dangote Forecasts Annual Profit of 146 Billion Naira

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Nov. 1 (Bloomberg) -- Dangote Cement Plc, Nigeria’s biggest company by market capitalization, forecast an annual profit of 146 billion naira ($932.6 million) for the year through December from 124.9 billion a year earlier.

The company’s net income for the nine months through September increased by 15 percent to 106.45 billion naira, it said today in an e-mailed statement. Revenue advanced to 208.26 billion naira from 173.83 billion naira.

Dangote Cement currently has a capacity of 19.25 million metric tons, which will increase to 21.5 million tons by year-end, Chief Executive Officer Devakumar Edwin said Aug 14. The Lagos-based company estimates revenue for the fourth quarter will reach 37.7 billion naira from 32.7 billion naira, while earnings per share is forecast to rise to 2.22 naira, it said in an e-mailed presentation.

Dangote Cement is Africa’s biggest producer of the building material and is owned by its billionaire Chairman Aliko Dangote. The company plans to raise output to 46.3 million tons by 2015 as it expands across Africa, it said on April 5. Production in Nigeria, sub-Saharan Africa’s second-largest economy, will advance to 32 million tons by 2015 from 20 million tons this year, it said.

The company’s shares were unchanged at 120.11 naira at the close in Lagos. Dangote Cement has advanced 19 percent this year, compared with a 28 percent increase of the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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