Member access

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Aliko Dangote
Country of residence : Unknown
Linked companies : Dangote Cement Plc

Dangote Cement To Double Production Capacity In 2014

04/09/2014 | 11:11am US/Eastern
Recommend:
0

VENTURES AFRICANigeria largest cement manufacturer, Dangote Cement intends to double its production capacity across Africa in 2014 to 40 million metric tons (44.092 million tons), company chief executive Devakumar Edwin, said on Monday.

Devakumar told Reuters in Lagos that 9 million tons would be added by the firm to its operations in Nigeria, which would make up a capacity of 29 million tons. The company would also commission plants across the continent that have been in the making for several years. This, according to the him will add a further 11 million tons.

“The key driver is the increase in volumes," said Devakumar, who added that although the company has focused on cost control, it has also ensured to focus on volume growth, which has increased profits.

Dangote cement has put expansion plans into works over the past years with plants across Africa, most of which have been under construction. The plants in Cameroon, Senegal, Zambia, Sierra Leone, Ethiopia and South Africa will be ready this year, according to Devakumar, who added that between the plants, they will contribute a little less than a million tons to the current overall production capacity of Dangote Cement.

With additional capacity in Nigeria, Ivory Coast, Liberia, Ghana, Congo and Tanzania, a 60 million ton capacity would have been achieved by mid-2016, the chief executive added, priding the company as making almost all its expansion using internal cash flows.

While he noted that competitors are cash strapped and have to borrow heavily for mergers, being buoyant enough to expand without incurring massive debts is "one of the key reasons we have been able to grow aggressively in the African market."

Owned by Africa's richest man Aliko Dangote, whose personal fortune is estimated to be $25 billion, the company has been doing well over the years, with massive expansion plans beyond Africa in the works.

Dangote Cement's profit in 2013 increased by 40 percent from $827 million recorded in 2012 to $1.16 billion.

The company's stock closed at N234.99 ($1.43) on April 7, 2014 at the NSE.

(c) 2014 Ventures Africa. All Rights Reserved. Provided by Syndigate.info, an Albawaba.com company

Recommend :
0
React to this article
Latest news about Aliko Dangote 
Dangote Flour Mills - Contending With Losses
08/20 - When Dangote Industries Limited decided to list its flour subsidiary, Dangote Flour Mills, on the Nigerian Stock Exchange in 2008, investors were excited because they were giv
Dangote Gives Half Year Bonus to Customers
08/18 - President of Dangote Group and Chairman of Dangote Cement Plc, Aliko Dangote has assured distributors of Dangote Cement of job placement opportunities for their relations in the
Dangote Cement Plans Expansion to Middle East, Latin America
08/15 - Dangote Cement Plc is warming up to expand its cement production plants beyond the continent of Africa to the Middle East and Latin A
World Bank, Coca-Cola, IBM, Dangote pledge to invest USD 17bn in Africa at U.S.-Africa Summit
08/11 - The World Bank, The Coca-Cola Company, IBM, and Nigeria's diversified industrial conglo
Advertisement
Popular Business Leaders 
Mukesh Ambani Luc Besson Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Steve Case Benjamin De Rothschild Barry Diller Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Ingvar Kamprad Eric Knight Arnaud Lagardère Peter Lynch Maurice Lévy Lakshmi Mittal Rupert Murdoch Jean-charles Naouri Xavier Niel Pierre Omidyar Nelson Peltz Jim Rogers Naguib Sawiris Carlos Slim George Soros Donald Trump
A-Z Business Leaders
Most Read News 
Ackman, other shareholders ask Allergan to call special meeting
5 days ago - BOSTON/NEW YORK (Reuters) - Investors owning 31 percent of shares of Allergan Inc have asked the company to call a special...
Investment A new report surveys 19 leading brokers. Patrick Collinson finds that the best known might not offer the best deal: Tracking down the top funds
5 days ago - Hargreaves Lansdown is the biggest financial brokerage in the country for small investors, whose low costs and discounts ...
Stock Futures Rise Ahead of Jobs Data, Yellen Speech
6 days ago - By Chris Dieterich U.S. stock futures rose on Thursday ahead of a weekly reading on the jobs market and a key spee...
Avid Congratulates Its Primetime Emmy Award Winning and Nominated Customers
6 days ago - WINNER David Arnold, Music by Michael Price, Music by OUTSTANDING MUSIC COMPOSITION FOR A SERIES COSMOS: A Sp...
Carillion offers Balfour Beatty Shareholders a 36% premium
6 days ago - ENP Newswire - 21 August 2014 Release date- 20082014 - Philip Green, Chairman of Carillion said 'Given the scale of the p...
More news
Dynamic quotes  
ON
| OFF