Dangote Cement Plc has released its
first quarter results for 2013 indicating a 79.5 per cent rise in its earnings
per share over the corresponding period last year.
The company’s unaudited results for
the three months ending March 31 showed that the pre-tax profit also rose to
N53.7 billion, an increase of 80.6 per cent, indicating good returns on
investment for its shareholders. The results came on the heels of management’s
decision to automate its operations and processes to respond more rapidly to
customers’ needs.
The consolidated group revenue in the
financial highlights rose by 39.5 per cent to ₦95.4bn, while gross profits rose
by 64.7 per cent to ₦66.0billion. The consolidated earnings before interest and
taxation (EBIT) also moved up by 77.8 per cent to ₦55.4 billion.
In a statement announcing the result,
the Group Managing Director/Chief Executive of Dangote Cement, Mr. Devakumar
Edwin, said the year has begun well for the company.
“Our 38 per cent increase in volumes
far outpaced the Nigerian market’s strong growth of 16%,” he said. “Our gas
supply has been better this year and that has driven margins upwards from the
first quarter of 2012, when our new capacity at Ibese and Obajana was just
coming on stream.
“We are increasing our focus on
delivering directly to our customers and have made it easier for them to order
and pay for our cement. This has allowed us to improve our position in the
market and we remain confident of a good year.”
He explained that the company’s decision to automate of some of
its processes will remove bottlenecks in the product distribution process. He
added that the Improved Sales Order Process (ISOP), a web application, which
the company had come up with in partnership with its bankers, is designed to
speed up payment and product collection process across the country.
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