Due to the successful inauguration of his plants in Cameroon and Senegal in 2014, President of the Dangote Group limited, Alahji Aliko Dangote has disclosed that the Dangote Cement’s annual production across Africa stood in the region of 30 million Metric Tonnes, a feat that is earning Nigeria respect among other nations.
He stated this at the company’s sixth annual general meeting held recently in Lagos, Alh Dangote said his conglomerate plans big for the African economy, saying Africans must look inward and put their human and natural resources to best uses, rather than political conflicts.
Dangote said, “As a result of the sizeable investments that we have made over the past few years, the company ended 2014 with new lines in Nigeria, factories becoming operational in Senegal and South Africa, with other plants in Cameroon and Zambia which started production in early 2015.
According to him, the importance of the expansion was more significant now as returns from the African projects were expected to start reflecting on the company’s account from the 2015 financial year.
In reviewing the company’s performance for 2014, Dangote pointed out that “the group’s revenues rose by 1.4 per cent to N391.6 billion, with pre-tax profits declined by 3.2 per cent to N187.7 billion. Earning per share fell by 20.5 per cent to N9.42 as a result of the tax charged on profit.”
The group executive director, Mr Devakumar Edwin said, “I am proud to report that we commissioned nine million tons of new capacity at our Obajana and Ibese plants and this puts them amongst the biggest cement plants in the world. He also said that the commissioning of our plants in Zambia and Ethiopia have started and are on track to open more factories in Africa in the coming years.” Dangote Cement in Nigeria controls about 65 per cent market share; and about 30 per cent of the Nigerian Stock Exchange (NSE).
The investment in other African countries according to him is strategic and that they were aimed at supporting governments across the continent by creating thousands of jobs for the people.
He said he the company in time would be producing more than 30 million tonnes of capacity, therefore increasing the economy.