Connect with us

Business

Dangote Cement Posts Resilient Performance in First Half 2021

Published

on

Africa’s largest cement producer, Dangote Cement has announced resilient results for the six months ended 30th June 2021 as Group sales volumes hit 15.3Mt. According to the company’s unaudited results for the period under review, Nigerian operations accounted for a sales volume of 9.87 Mt while pan African operations contributed the balance of 5.5Mt. The increase in sales volume was supported by an increase in housing infrastructure and commercial construction.

In the period, the cement giants posted a profit after tax of ₦191.6 billion after a tax charge of N89.6 billion.

Group Managing Director, Dangote Cement, Michel Puchercos, speaking on the results said, “We are pleased to report a solid set of the good results for the first half of the year. Our performance reflects the strong demand across the Group, with increases in revenue and profitability, compared to the same period last year. This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.”

On the steps taken by the company to protect the stakeholders, he said, “We also continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders. We have learned a lot over the past year on how to mitigate risks associated with COVID-19. We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations. We are improving the output of our existing and new assets and I am happy to announce that our 3 Mt Okpella Plant, Edo State, is on track to come on stream in the next quarter.”

Puchercos stated that the company’s Alternative Fuel project which focuses on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally is at an advanced stage while procurement and installation of the necessary equipment across all plants is ongoing.

He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability and best practices. We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders. Transparency and consistency are at the core of every part our business culture.”

Dangote Cement became the first Nigerian listed company to report its financial results using XBRL format with the IFRS taxonomy. Adopting XBRL reporting format will strongly benefit Dangote Cement’s existing and potential investors. It represents another step in continuing efforts to modernize and enhance transparency of, and access to, companies’ disclosures.

Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta capacity across 10 African countries and operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales, and distribution of cement.

The Group has a production capacity of 32.3Mta in its home market, Nigeria. It has three cement plants in Nigeria, Obajana plant in Kogi state, with 16.3Mta 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. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighboring countries.
In addition, Dangote Cement has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

Dangote Cement has a long-term credit rating of AAA(NG+) by GCR and Aa2.ng by Moody’s due to its market leading position, significant operational scale and strong financial profile evidenced by the Company’s robust operating and net profit margins relative to regional and global peers, adequate working capital, satisfactory cash flow and low leverage.
Dangote Cement is a subsidiary of Dangote Industries Limited, a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, pasta, beverages, and real estate, with new multi-billion-dollar projects underway in the oil and gas, petrochemical, fertilizer and agricultural sectors.

Continue Reading
Click to comment

Leave a Reply

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

Business

NNPC Denies Reducing Petrol Pump Price

Published

on

By

The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.

Continue Reading

Business

Midoil Unveils Three-In-One Investment Opportunities

Published

on

By

By Eric Elezuo

The ballroom of the prestigious Sheraton Hotel & Towers Ikeja, was an epicentre of history on Sunday when thriving petrochemical company, Midoil Refining and Petrochemicals Company Limited, under the leadership of its Executive Chairman, Chief Mrs. Elizabeth Omolara Akintonde, hosted the who is who in the industry to the unveiling of its tripartite investment opportunities consisting of the Midoil Refinery project, SereneCity Properties and Serene Partners Energy to be situated in various communities within it acquired land at Ikosi/Ejirin Local Council Development Area, Lagos State.

Anchored by Ben Ogbeiwi of Project Fame, and coordinated by Otunba Gbenga Onayiga, retired Acting Director of Federal Radio Corporation of Nigeria (FRCN) Network News, who is also a veteran journalist, the event was graced by dignitaries both from the political, traditional, and entrepreneurial circle including Retired Deputy Inspector General of Police in charge of the Force Criminal Investigation Department (FCID) Abuja, Babatunde Johnson Kokumo, Baale of Sekungba, Chief Solomon Omotayo, Baale of Arogbo, Chief Adesanya Oyenubi, Baale of Ererufu, Elder Gabriel Lawal, and the CEO, Gidi Real Estate Investment Limited, Tobi Akerele.

The event x-rayed the opportunities inherent in investing in these lucrative ventures, which have been designed to change the landscape of Lagos State in particular, and Nigeria in general, in both human capacity development, provision of employment and reduction of poverty.

In his speech as the Chairman of the occasion, DIG Kokumo lauds the efforts of Mrs Akintonde and her team for their assiduous efforts in ensuring that the day came to pass, adding that the unveiling of the tripartite investment opportunities is another way of stabilizing Nigeria’s economy, and giving the populace a reason to live, as well as making the environment habitable.

He reiterated that the meddling of government in matters of refineries should be discouraged as it is deterring private investments, he gave kudos to the Midoil team for a job well done.

“Today, I am glad that we have Midoil Refining and Petrochemicals Company Limited unveiling its long-time coming investment to the general public, and I want to commend the efforts of the Executive Chairman and the Board of Directors for these laudable investments.

When we examine the real estate aspect of what is being unveiled today, SereneCity Properties; provision of habitable homes, providing structures for Nigerians which have been the responsibility of the government, and what they have been able to do have been grossly inadequate.

Midoil, having diversified into the creation of SereneCity Properties is not a tea party; it is a project that calls for stocks and investment in Midoil Refining and Petrochemicals; stocks and investments in SereneCity Properties and stocks and investment in Serene Partners Energy.

“I consider these investment opportunities a veritable option for investors, who are seeking commensurate returns on their investments,” Kokumo said. He, thereafter, advised all dignitaries in attendance to give all the required support to the threefold opportunities.

In her address, the Executive Chairman, Mrs Elizabeth Akintonde, went down memory lane to dissect the origin and birth of the projects, which has spanned over 12 years, giving unhindered appreciation to Hajiya Amina Abdullahi, with whom the concept was birthed; to the Sekungba, Arogbo and Ererufu communities, where the projects are to be sited, and their Baales, who have shown immense support to the company and the projects from inception.

She exposed that the projects, rooted in the magnum, The Vision, The Journey, The Reality, were consequences of her desire to leave a legacy, and contribute generously to the growth of Nigeria, and to generations yet unborn, who basically, are the target beneficiaries of all the efforts.

Noting that the Vision is rooted in the foresight to establish a modular refinery in Lagos State, Nigeria, leading to the establishment and registration of Midoil Refining and Petrochemicals Company Limited in 2012, she informed that the Journey has been about procuring the large expanse of land required for the projects and all its ancillary, which include housing for expatriate staff, other senior, middle and junior staff.

“Today, March 17, 2024, we are unveiling our vision, our journey and our reality. We received our land allocation letter on April 24, 2014, and subsequently, on January 24, 2017, we were approved the Licenses to Establishment (LTE) by the Department of Petroleum Resources (DPR),” Mrs Akintonde informed of the journey so far.

“To the traditional rulers here present, you have refused to be enticed with cheap money. Therefore, on behalf of the Board of Directors of Midoil Refinery, I once again thank you for your patience and perseverance,” she enthused.

She however, expressed disappointment at some traditional rulers, including the Kabiyesi of Ejinrin, who reneged, and encouraged other Baales to work against the mutually signed MOU.

“Our mutual agreement for Midoil to inhabit the land in peace, as well as having received some financial benefits from Midoil over the years was breached with the latest activities of some communities including Ejirin in the sales of Midoil acquired land,” the Executive Chairman lamented.

She used the opportunity to call on governments at all levels to monitor the activities of land grabbers, and eradicate them completely, stressing that if not stopped, could jeopardize the many proposed development of the communities.

She also called on the Lagos State government “to create expansive awareness among traditional settlers on the land on the need to support developmental efforts by citizens, who wish to give back to the society that has been there for them.”

In addition, Mrs Akintonde urged the government through the Surveyor General’s office “to ensure proper documentation of all lands in the state as well as remove unscrupulous staff assisting ‘Omo Onile’ in perpetuating illicit land grabbing” as they are the reasons for unnecessary delays.

She further revealed that in the 10 years of hard work behind the scenes, Midoil has secured the interest of investors, and the consortium of investors are ready to invest a whopping sum of Five Billion Dollars ($5,000,000,000) in the project.

The highpoint of the event was the signing of Memorandum of Understanding, (MOU), with the three Communities led by their Baales.

Contract was also signed with UNILAG Consult for the conduct of the Pre-Feasibility Study for the proposed refinery.

The event rounded off with awards of loyalty and certificates of appreciation to deserving MPIC Member and other stakeholders in the Midoil adventure.

Notable among the awardees were Engr Sunday Ashaolu (MPIC Member) the Baales of Sekungba, Chief Solomon Omotayo, Baale of Ererufu, Elder Gabriel Lawal; Midoil First Media Coordinator, Mr. Babajide Morounfolu; Midoil Oversea Supporter and Consultant, through whom the $5billion investment was secured, Mrs Ngozi Louise Ogboru; Renowned Toast Master, Bennett Ogbeiwi; Mr. Daniel Adeleke Ogungbe, Very Reverend Oluwafunminiyi, Venerable (Dr.) Olusiji Olumide Kolawole, Mrs Kofoworola Olowolagba and Alhaja Bolanle Jafojo-Adedeji.

The groundbreaking at Sekungba/Ejinrin of the Midoil Refinery project is expected to take place on July 12, 2024, which incidentally is Mrs Akintonde’s birthday, as a follow-up to the March 1, 2024, groundbreaking of SereneCity Properties at Ererufu.

The refinery, when completed, will be producing at a capacity of 100,000 barrels per day (bpd).

Pix by Ken Ehimen

Continue Reading

Business

Airtel Performs Groundbreaking Ceremony for its NXTRA Data Centre, Promises 1000 Jobs

Published

on

By

By Eric Elezuo

Prominent Nigerians were present as network communications service provider, Airtel Africa, performed the ground-breaking ceremony for the establishment of its NXTRA data centre project in Nigeria, at the prestigious Eko Atlantic City, in Victoria Island, Lagos, informing that the project is programmed to create over 1000 jobs for Nigerians.

The company noted that the facility, nicknamed the Nitra frontier, and reported as the first of five hyperscale data centres to be developed by Airtel Africa on the continent, will deliver 38 megawatts of total power and host high-density racks that integrate the latest best practice construction to achieve 1.3 power usage effectiveness (PUE).

It was also revealed that the data centres at full capacity will offer 180-megawatt capacity, distributed across 13 major data centres, and over 48 edge data centres.

Speaking at the event, the Group Chief Executive Officer of the Airtel, Segun Ogunsanya, who informed that the project is expected to go live by the first quarter of 2026, further stated that out of the 1000 jobs expectedto be created, 250 will be permanent once the project is deployed and at capacity.

He praised the project as marking a significant milestone in the company’s journey and is a cornerstone of the organization’s growth strategy, with a particular focus on Nigeria, which unarguably is its largest market.

He added that the project will enhance data sovereignty, security, and preservation within the continent, as well as reflect the group’s commitment to make Nigeria a major hub for access to digital services as it propel Africa towards a sustainable and inclusive digital age.

“This mega project will provide over 1000 jobs. More significantly, once deployed and at capacity, it will create over 250 permanent jobs for Nigerians whilst supporting companies in manufacturing, financial services, and health care as they move their data and computing into third-party data centers like ours.

“Ultimately, we have to store data and content closer to where it is being consumed,” Ogunsanya said.
Boost for digital economy

Ogunsanya was also of the opinion that with Airtel Africa’s extensive fibre footprint, NXTRA “offers secure and scalable integrated solutions to global hyper-scalers, large African enterprises, startups, SMEs and governments.

“Through locally available data centre capacity, speed to access digital services will improve and the cost of managing data will be reduced, thus helping power increased innovation, while supporting a new generation of African tech talent,” he said.

In his remarks at the event, that also has the governor of Lagos State, Babajide Sanwo-Olu, in attendance, the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani laud the creativity attached the innovation, saying it is in tandem with technology revolution that is fast engulfing the universe, with Artificial Intelligence (AI) as a main point of reference.

“Data is a key driver in our economy. Not only do we need to connect our people, we also must invest in the digital economy, and through the investment that companies like Airtel have made in our economy, we are fully able to participate in the digital economy,” he said.

Other personalities that graced that event include traditional rulers and stakeholders in the telecoms sector.

Continue Reading

Trending