Dangote Cement Plc , Africa's largest producer of building materials, posted record Revenue in the first half of the year as demand rebounded in Nigeria and across the continent as Covid-19 restrictions were relaxed.
Dangote Cement said on Friday that net income for the company, which is controlled by billionaire Aliko Dangote, rose 50% from 126.9 billion naira a year earlier to 191 billion naira ($470 million). Revenue rose 44.8% to an unprecedented 690.5 billion naira, the biggest increase since at least 2012.
Sub-Saharan Africa is set to expand 4.1% next year as economies recover from the pandemic, according to the International Monetary Fund. This could increase demand for building materials as countries invest in building roads, ports and power plants to stimulate their economies. Nigeria plans to spend $ 5.6 billion to revive Africa's largest economy.
“The growth trend continues,” Chief Executive Michel Puchercos said in an emailed statement. We are focused on meeting strong Sunday demand in all the countries in which we operate,” he said.
Sales volumes rose 26.1% to 15.3 Mt, the company said. The cement maker, which has a production capacity of 48.6 million mt a year, plans to build a 3 million mt plant in Okpella in Nigeria's Edo State in the next quarter to increase production, Puchercos said.