Dangote Cement records N235bn turnover

Cement giant, Dangote Cement Plc has anno-unced a turnover of N235 billion in its financial year ended December 31, 2011 even as it is propo-sing to pay a cash divi-dend of 125 kobo to members of the company.The bottom-line for the company in the period under review represents a major leap when compared to the financial position of other compan-ies within the same subsector just as mem-bers are enjoying an addi-tional bonus issue of one share for ten shares previously held.The cumulative divid-end payout will amount to N19.37 billion.According to the company's financial statement released on the floor of the Nigerian Stock Exchange (NSE) last week, all performance measurement indicators trended upwards.The company recorded a turnover of N235.70 billion compared to N202.57 billion indicating a 16 per cent growth while gross profit rose to N139.08 billion in contrast to N121.28 billion representing a 14.69 per cent increase.Operating profit was on the upward swing rising by 13.90 per cent, from N102.97 billion to N117.33 billion while profit after taxation retained profit surged from N105.32 billion to N125.48 billion.President of Dangote Group, Alhaji Aliko Dangote assured the shareholders of good returns on their invest-ments, stating that the significant contributions of the new line in Obajana and commis-sioning of the six million metric tons Ibese Cement plant this year would positively affect the company's turnover and ultimate returns on shareholders invest-ments.In the 2010 financial year, DCP posted a turnover of N202.565 billion as against N189.6 billion recorded for the preceding year.While the company's profit before tax rose by 58.9 per cent to N101.33 billion from the preceding year's N63.8 billion, profit after tax increased by 73.7 per cent to N106.6 billion from N61.4 billion in 2009.DCP is planning to list on the London Stock Exchange next year.Already, the largest cement producer in sub-Saharan Africa, Dangote Cement, is more than doubling capacity this year to 21m metric tonnes and wants to reach 43m tonnes in 2015. Besides Nigeria, where it has three plants and 70 per cent market share, the company has contracts to construct factories in eight African countries, from Senegal to South Africa and to Ethiopia.
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