Pursuits
Dangote Cement Profit Rises as New Plants Bolster Volumes
- Nigeria sales volumes rebounded after September price cut
- Annual capacity forecast at 77.3 million tons by 2019
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Dangote Cement Plc, Africa’s largest producer of the building material, said full-year profit rose 15 percent as new plants increased total volumes by 35 percent and a price cut in its home market of Nigeria helped bolster sales and offset the effects of slowing economic growth.
Net income was 185 billion naira ($929 million) in the 12 months through December, compared with 160.6 billion naira a year earlier, the Lagos-based company said in a statement on Tuesday. Revenue increased 26 percent to 492 billion naira. Dangote Cement shares jumped 5 percent to their highest in two weeks at the close of trading.