Dangote Cement to earn $700m forex from terminals from export

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Dangote Cement

DANGOTE Cement Plc believes that its cement terminals under construction in Lagos State and Onne in Rivers, when completed would earn about $700 million in foreign exchange annually through cement exportation to sub-Saharan African countries.

The company’s Chairman, Alhaji Aliko Dangote, Monday, told shareholders at the company’s 10th Annual General Meeting (AGM) in Lagos that the completion of terminals had been delayed by equipment suppliers, but hopes they would be concluded before the end of this year.

He said, “Later in 2019, we will open export facilities in Lagos and Port Harcourt that will enable us export clinker initially to our grinding facility in Cameroun and then to new grinding plans we are building in West Africa.

“Not only will these generate useful foreign currency for Dangote Cement to support other expansion projects outside of Nigeria, they will also help to increase the output of our Nigerian plants, ” Dangote said.

The company, he said, would be exporting cements to Ghana, Cameroun, Sierra Leone and Congo, through the terminals, and make Nigeria the biggest exporter of cement in sub-Saharan Africa.

According to him, not only will the company’s capacity increase, the project would help to improve job creation.

The company declared a total dividend of N272.6 billion, which translated to N16 per ordinary 50k share, which was approved by shareholders at the meeting.

The Chairman said that the dividend payment represented 52.4 per cent increase over the  N10.50 per share paid in 2017.

The Founder of Independent Shareholders Association of Nigeria, Mr Sunny Nwosu,lauded the company for the impressive dividend declared in 2018.

The Chairman of Association for Advancement of Rights of Nigerian Shareholders, Dr Farouk Umar, commended the company for the impressive report in 2018 in spite of the economic situation.

Umar said that the shareholders were happy with the N16 dividend declared in 2018, adding that the trend should be sustained in future.

The company, during the the financial year ended Dec. 31, 2018,  reported total revenue of ₦901.2 billion  against the ₦805.5 billion achieved in in 2017, an increase of 11.9 per cent.

Profit before tax stood at ₦300.8 billion, an increase of a 3.9 per cent over the ₦289.59 billion recorded in 2017.

Profit for the year stood at  N390.33 billion from the N204.25 billion achieved in 2017.

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