Dangote Cement Raises 2012 Profit By 25.9% To N153Billion

• AfricCon News
  AfricCon: Nigerian Online Report: Dangote Cement raises 2012 profit by 25.9% to N153b
  
  From: Africcon Media, Nigeria
  
  Africcon Media Online News Published Dangote Cement’s (Dangcem) fourth quarter (Q4) 2012 results with sales jumping by 14.5% to N77.371 billion which added up to N285.635 billion in full year 2012 at 18.3% growth.
  
  Profit after tax (PAT) in Q4 was put at N46.466 billion, a 59.0% growth against the same quarter in 2011 while PAT for the full year was N152.924 billion, a 25.9% increase.
  
  Total cement dispatches (on a consolidated basis) for the full year was 10.4m tonnes, up around 20% y/y compared with the 8.7mmt shipped in 2011. Of the total Cement Dispatches, the Nigerian operation contributed 10.1mmt or approximately 97% of total cement dispatched. Approximately 2.7mmt of cement was dispatched in Q4. This represents a growth of around 19% y/y (12% q/q) over the 2.3 m tonnes dispatched in the comparable quarter of 2011.
  
  The Obajana plant with total cement sales of 5.7mmt or 56% of total sales in Nigeria was the largest contributor to group sales and achieved a utilisation rate of 55.6% for 2012.
  
  Cement sales by Obajana line 3 was around 1.8mmt in 2012 with about 1.6mmt of that coming in Q4 2012. Both Ibese and Gboko delivered full year sales of 2.8mmt and 1.6mmt respectively. In terms of sequential trends, we estimate that the Obajana plant delivered cement despatches of 1.6mmt in Q4 2012 while about 0.7mmt and 0.28mmt was delivered by Ibese and Gboko respectively.