Unstable FX costs Dangote Cement 15% drop in profit
Following the unstable foreign exchange situation in the country, Dangote Cement Plc has announced a decline of 15 per cent in profit for the half-year period of 2016.
The cement manufacturing company in its unaudited financial statement for the half year (H1) ended June 30, 2016 reported that its profit moved to N103 billion from N121.8 billion in H1 2015.
The major factor that contributed to Dangote Cement decline in profit is finance cost. The company’s finance cost skyrocketed to N118 billion in half year of 2016 from N24.38 billion recorded in prior half year
Following dwindling global oil prices, Nigeria economy has faced series of challenges ranging from cost of production and cost of finance.
The company’s revenue stood at N292 billion in H1 2016, indicating an increase of 20 per cent over N242 billion posted in the corresponding period in 2015.
Chief Executive Officer of the cement company, Onne Van der Weijde in a statement said “We have achieved a commendable result, given the very challenging situation in our main market and general economic weakening across Africa.”
He said the management would continue to respond to the prevailing operating environment with strategically thought measures for the organization to maintain its leadership and profitability.
On expansion, he added, “While the company remains committed to its ambitious plans, we are taking a more measured approach to the roll-out of new capacity across Africa.
“Dangote Cement has more than doubled production capacity since 2013 and said in April it may increase cement capacity by a further 77 per cent by the end of 2019.
“Foreign exchange constraints in Nigeria prompted the company to reconsider the pace of its expansion and believe a five-year building program is more appropriate.
“Earnings in the period were affected by lower selling prices, higher fuel costs and the fact that several new plants are still in less-efficient start up phases.
“Cement sales volumes in the period increased 60 per cent, bolstered by record volumes in its home market, where the company announced a price cut last September, as well as new plants elsewhere on the continent. The devaluation of the naira will affect costs in the country and Dangote will seek to protect its profit margins,” Van der Weijde added.
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