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 Compensates Families of Gboko 7 Slain By Soldiers At His Factory
4 days ago - Nigerian billionaire and Africa's richest man, Aliko Dangote, has finally settled with the families of several youth who were killed or injured by rampaging troops guarding his multi-billion dollar cement factory in Gboko, Benue State, North-
Zambian minister, Dangote in spat over graft allegation
5 days ago - A row is brewing between Zambia and Dangote Cement, a major employer in Africa’s second largest copper producer, after a government minister accused an executive at th
Investment Corporation of Dubai buys 1.4% stake in Nigeria's Dangote Cement for USD 300mn
09/14 - Investment Corporation of Dubai , Dubai's sovereign wealth arm, said it has bought a minority stake in Dangote Cement
NSE Records Highest Trading Value Since Inception
09/11 - The Nigerian Stock Exchange recorded a trading value of N48.708 billion on Monday, the highest daily trading value in the nearly 60 years history of the bourse. The trading figure was a result of a total of 243,540,000 units of
Advertisement
Popular Business Leaders 
Paul Allen Mukesh Ambani Bernard Arnault 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 Peter Lynch Maurice Lévy Lakshmi Mittal Rupert Murdoch Jean-charles Naouri Nelson Peltz Zong Qinghou Jim Rogers Johann Rupert Naguib Sawiris Carlos Slim George Soros Donald Trump
A-Z Business Leaders
Most Read News 
Ukraine President Poroshenko Faces Backlash Over EU Trade Deal Delay
7 days ago - By James Marson And Paul Sonne KIEV, Ukraine--Ukrainian President Petro Poroshenko faces rising criticism for his ...
Alibaba set to price IPO shares amid investor frenzy
3 days ago - (Reuters) - Underwriters for Alibaba Group Holdings are planning to allocate the bulk of the heavily anticipated offering ...
Make Bill Gates Richer
3 days ago - By Anupreeta Das and Craig Karmin Invitations to a dinner party from Bill and Melinda Gates at their mansion near ...
Investment Corporation of Dubai buys 1.4% stake in Nigeria's Dangote Cement for USD 300mn
09/14 - Investment Corporation of Dubai , Dubai's sovereign wealth arm, said it has bought a minority stake in Dangote Cement
Jack Ma's unassuming lieutenant at Alibaba
7 days ago - BEIJING (Reuters) - Inside Alibaba, where co-founders are revered like rock stars, relatively few employees know about the...
More news
Dynamic quotes  
ON
| OFF