Dangote Cement pre-tax profit up 22 %

Dangote Cement, said its pre-tax profit rose 22 per cent to N93.9 billion ($595 million) in the first nine months of the year to September. In a statement to the Nigerian Stock Exchange, the cement producer also said it expected revenues of N238 billion by the end of the full year, with N124 billion in operating profit.
It said it planned to spend around $2.5 billion constructing manufacturing plants and import terminals across Africa to build a further 19 metric tonnes capacity, part of its plan to build a pan-African cement empire stretching from Senegal to Ethiopia. “Sub-Saharan Africa continues to enjoy strong and sustainable growth and remains an attractive market for capital investment, particularly for infrastructure development,” Chief Executive Devakumar Edwin said. “With our strategic goal to build substantial new capacity in Africa’s growth economies, Dangote Cement is well on its way to becoming one of the leading cement producers in the world,” Edwin said.