Dangote Strengthens Export Terminals, Backs Nigeria’s Border ClosureBusiness, Featured, Latest News Friday, February 28th, 2020
(AFRICAN EXAMINER) – Dangote Cement Plc will soon boost its export sales as it prepares to inaugurate its Apapa, Lagos, export terminal. This will be followed by Onne, Rivers State, export terminal. The company disclosed this while commenting on its future plans following the release of its 2019 financial results.
Dangote Cement Plc commended the decision of the federal government to close land borders, saying it is good for the economic growth and should be supported.
According to the company, the preparing to export products by sea in large volume affords it the flexibility to export cement and clinker. The company has spent over $95 million to put the export terminals ready for operations.
Speaking on the result, outgoing Group Chief Executive Officer, Dangote Cement, Joe Makoju, said: “Dangote Cement maintained strong financial performance despite a low growth environment, pricing pressure and increasing competition in key markets.
The Nigerian operations-maintained volume and revenue performance in a challenging environment. Looking ahead, I expect an increase in volumes in 2020 as we commence clinker exports via shipping from Nigeria.
Pan-Africa volumes were slightly up notably supported by Tanzania and Senegal. I am glad to report that Tanzania contributed positively at earning before tax, depreciation and amortisation (EBITDA level. In 2020, I believe Dangote Cement will see an increase in profitability in Pan-Africa driven by higher volumes and further efficiency improvements.
Dangote Cement Plc recorded a revenue of N891.671 billion in 2019, a profit after tax of N200.5 billion and recommended a final dividend of N16 per share.
Analysts at CSL Stockbrokers Limited has predicted that the cement stock will soon hit N224 per share up from the trading price of N170. They are recommending a buy option for the stock.
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