Connect with us

Business

Dangote Cement Posts N201bn Profit After Tax

Published

on

Dangote Cement Plc has posted a profit after tax of N200.521bn for the financial year ended December 31, 2019 as against a profit of N390.325bn posted in 2018, representing a drop of 48.63 per cent.

Profit before tax stood at N250.479bn from N300.806bn posted in 2018, accounting for a drop of 16.73 per cent. Revenue was N891.674bn as against N901.213bn in 2018.

The board proposed a final dividend of N16 per share subject to ratification by the shareholders at the coming Annual General Meeting.

Speaking on the result, the 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.

Export sales were affected by the border closure in the second half of 2019. 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 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. “As I retire from Dangote Cement, I am proud to have watched it grow from a local producer back in 2007 to a major force in global cement production.

Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement, serving neighbouring countries.

“I wish Mr Michel Puchercos all the best as the new Group Chief Executive Officer of Dangote Cement.”

Dangote Cement is Africa’s leading cement producer with nearly 46Mta capacity across Africa. It is a fully integrated quarry-to-customer producer, with a production capacity of 29.25Mta in its home market, Nigeria.

Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.25Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta.

Dangote cement in a report obtained from Reuters on Wednesday said that its export volumes in 2019 had been affected by border closure in its home country of Nigeria, as the government tries to combat smuggling.

Nigeria closed its land border in August to curb smuggling of rice and arms, which it says threatens efforts to boost local production and security and also to generate state revenues through import duties, the customs service has said.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Polaris Bank Boosts Government’s Fight against COVID-19, Provides 400 specialized beds and Accessories

Published

on

  Polaris Bank has given a boost to government efforts in the fight against coronavirus (Covid-19). Polaris Bank has acquired 400 specialised hospital beds, complete with mattresses and accessories. The beds according to the Bank, will be handed over to the Lagos State Government; being the state most hit by the pandemic, the Nigeria Centre for Disease Control (NCDC) and other State Governments. 
 
The Bank also announced that it would be partnering with the Nigeria Coalition Against COVID-19 (NCAC), Non-Governmental Organisations (NGOs), Health Institutions and State Governments in stemming the tide of the COVID-19 pandemic by delivering additional materials to cover the areas of testing, isolation, treatment and training.


 
The Managing Director/CEO, Polaris Bank, Tokunbo Abiru, who disclosed this in a letter to the customers and stakeholders of the Bank, explained that the Bank, working with relevant partners and government, remains committed to “doing everything possible to keep our environment safe for all”.
 
“At Polaris Bank, we will continue to devote all necessary resources to contribute to the safety of our esteemed customers and our environment as a whole, while maintaining all of the banking services you need to stay safe.”
 
The Chief Executive Officer also affirmed his commitment to the total well-being of Nigerians and the fight against COVID-19 noting that “as new developments emerge,the Bank would continue to share information about safety of its staff and working environment as well as the efficiency of its operations and service to stakeholders.
 
 
Polaris Bank had in the wake of the outbreak of COVID 19 activated its Business Continuity Plan (BCP) which ensures that it can maintain its operations and enable financial transactions, even during critical incidents “The Bank had suspended all corporate events, travels, and outdoor activities as well as enforced social distancing which ensured that all staff who have just returned from travels outside Nigeria are placed on self-isolation.
 
Polaris Bank in line with its Corporate Social Responsibility & Sustainability Policy has continued to integrate social and environmental issues into its business operations intervening in the activities of its stakeholders, including staff, customers, government and local communities. 
 
Polaris Bank is a future-determining Bank and a member of the United Nations Environment    Programme Finance Initiative (UNEP FI) which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and planet while delivering positive impact.  
 

Continue Reading

Business

Why Access Bank is Asking Customers Who Visited One of its Branches to Self Quarantine

Published

on

As the dreaded Covid-19 continues to take its toll on human lives and businesses, Access Bank Plc has announced the temporary closure of one of its branches in Lagos State after a customer tested positive for coronavirus

According to a Daily Post report, a the bank has confirmed that one of it’s customer, who visited its Ligali Ayorinde branch in Victoria Island, Lagos tested positive for Coronavirus.

Consequently, Access Bank in a statement advised anyone who came into the bank for transactions in the last 14 days to self-quarantine.

Nigerian Centre for Disease Control on Monday announced the first fatality of the disease on Nigerian soil. The center also confirmed 36 cases of patients with COVID-19 as Nigeria Centre for Disease Control (NCDC).

The first person to have died of coronavirus as announced by NCDC is now known to be a 67-year-old man who returned to the country following medical treatment in the United Kingdom, UK

The victim’s identity was revealed to be a former Managing Director of Pipelines and Products Marketing Company (PPMC), Suleiman Achimugu.

A statement from Access Bank reads : “We have confirmed that an individual who visited our Ligali Ayorinde branch on Monday 16th March 2020, has tested positive for Coronavirus.

He was symptom-free as at the time of visit and he is currently being monitored at an Isolation Centre in Yaba.

“It is advised that anyone who visited the branch in the last week should self-quarantine for a period of 14 days starting immediately. Persons who had any contact with the concerned individual are currently in isolation.”

Continue Reading

News