BIG STORY

Q1: Dangote Cement Ramps-Up Production At Okpella Plant

Published

2 years ago

May 4, 2022

…as earnings per share hit ₦6.18

Africa’s biggest cement manufacturer, Dangote Cement, has ramped up production at its newest plant, in Okpella Edo State even as its earnings per share rose by 16.8 percent to N6.18 in the three months ended March 31, 2022. Ramping up production at the Okpella plant is part of efforts to increase cement supply in Nigeria as well as ensure timely supply of products to customers in the South-South and Southeast geopolitical regions.

Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.

Chief Executive Officer, Dangote Cement, Michel Puchercos, in his comments, said that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He stated that those increases were recorded in revenue and profitability that drove strong cash generation across the Group. Profit after Tax rose to ₦105.9 billion, up 18 percent compared to last year while Group EBITDA rose to ₦211.0 billion, by 18.6 percent with an EBITDA margin of 51.1 percent.

Puchercos said, “On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.

Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback program. Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back program reflects the Company’s commitment to finding opportunities beyond dividend to return cash to shareholders.”

Puchercos added, “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.

Our continuous focus on efficiency, meeting strong market demand, and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria. The Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; the Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while the Gboko plant in Benue state has 4Mta, and Okpella plant in Edo state has 3Mta. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighboring countries.

Post Views: 592

Related Topics:Big story business dangote Okpella

Up Next

2023: It’s Not Government’s Job To Tackle Unemployment – Fayemi

Don't Miss

Ogun State Gov’s Aide, Abidemi Rufai Pleads Guilty To COVID-19 Fraud In U.S.

Click to comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BIG STORY

Avoid Panic Buying, We’re Not Changing Petrol Prices — NNPCL To Nigerians

Published

9 hours ago

April 25, 2024

PorscheClassy News

The Nigerian National Petroleum Company (NNPC) Limited says there is no place to change the prices of petroleum products.

In a statement on Thursday by Femi Soneye, its spokesperson, the NNPC asked Nigerians to avoid panic buying.

The national oil firm said the limited availability of petrol in certain regions of the nation is a result of logistical problems.

However, the company said the challenge has been fixed.

“The Nigerian National Petroleum Company Limited (NNPC Ltd.) wishes to clarify that the tightness in the supply of Premium Motor Spirit currently being experienced in some areas across the country is as a result of logistics issues and that they have been resolved,” the statement reads.

“It also wishes to reiterate that the prices of petroleum products are not changing.

“It urges Nigerians to avoid panic buying as there is a sufficiency of products in the country.”

On March 24, the NNPC denied adjusting the pump price of petrol across its retail outlets.

This came after the organisation had promised Nigerians that there would not be any increase in the cost of petrol on February 9.

The NNPC also reaffirmed its commitment to sustaining the current sufficiency in the supply of petroleum products across all its retail stations in the country.

Post Views: 44

BIG STORY

Former Deputy Governor Agboola Ajayi Wins Ondo PDP Gubernatorial Primary

Published

9 hours ago

April 25, 2024

PorscheClassy News

A former deputy governor of Ondo, Agboola Ajayi, has emerge winner of the Peoples Democratic Party (PDP) gubernatorial primary election in the state.

Lawrence Ewhrudjakpo, the deputy governor of Bayelsa, who chaired the electoral committee that supervised the poll, announced the results on Thursday in Akure, the state capital.

Ewhrudjakpo said Ajayi scored 264 votes to defeat other aspirants.

“By virtue of the results, Ajayi Alfred Agboola having scored the highest number of votes is hereby declared the winner of this primary and hereby declared the candidate of the Peoples Democratic Party for the November 2024 election and is hereby returned as the candidate,” he said.

Ajayi was the deputy governor of Ondo state from 2017 to 2021.

Kolade Akinjo, who came second in the election scored 157 votes while Olusola Ebiseni polled 99 votes to clinch the third position.

On June 21, 2020, Ajayi, a lawyer and businessman, resigned his membership from the ruling party All Progressives Congress (APC) and joined the PDP.

He cited irreconcilable differences between him and his principal, the late Rotimi Akeredolu, the former governor of Ondo.

He then joined the Zenith Labour Party (ZLP) after losing the PDP gubernatorial primary to Eyitayo Jegede and became the candidate of the party in 2020.

Ajayi had served as a councillor, chairman of Ese-Odo LGA, and house of representatives member before he was nominated by the late Akeredolu as his deputy in 2016.

Post Views: 34

BIG STORY

Former Senate Spokesperson Ayogu Eze Dies At 66

Published

14 hours ago

April 25, 2024

PorscheClassy News

Ayogu Eze, a former spokesperson for the Senate, passed away at the age of 66.

Eze, the senator from Enugu North Senatorial District from 2007 to 2015, died on Thursday in a hospital in Abuja following an undisclosed illness.

In May 2023, the Senate confirmed Eze as a federal Commissioner for Revenue Mobilisation Allocation and Fiscal Commission. Eze is also among the founding members of the Peoples Democratic Party.

In his years at the Senate, he also served as the chairman of the Senate Committee of Works and a member of committees on Constitutional Amendment, Police Affairs, National Planning, Marine Transport and Federal Character & Inter-Government Affairs.

Post Views: 49