Benue Cement Announces N4.7bn Profit in Q3

The Benue Cement Company Plc, a subsidiary of Dangote Industries Limited, has announced its third quarter results for the period January 1 to September 30, 2008, posting a 118.81 per cent increase in turnover compared to the same period in 2007.

Operating profit for the period was N4.7 billion a significant increase of 175.05 per cent compared to the same period in 2007 as the company’s new production capacity comes online. BCC is in the process of expanding production to three million tons a year and continues to enjoy regular fuel and power supply to the plant thereby allowing uninterrupted operations.

Dangote Cement is investing heavily in developing local cement production capacity in Nigeria and the expansion of BCC is a key aspect of this process. In the first half of 2008, BCC commissioned the first of its two kiln lines as planned. The kiln has been producing at its expected capacity and this has impacted positively on the Q3 results. The second kiln was commissioned in September 2008 and production is being progressively increased.

Speaking in Lagos, Dangote Cement CEO Tony Hadley said: “The expanded capacity we have invested in at BCC is now coming on stream and we are delighted that this is reflected in the strong Q3 results we are announcing. BCC is not yet operating at full production capacity, and we are ramping up the second kiln, which will take us up towards three million tons. We expect further increases in production to be reflected in our year end results and expect strong performance throughout 2009.”

Union Homes Begins Kuje Housing Project

A primary mortgage institution in Nigeria, Union Homes Savings and Loans Plc, has flagged the beginning of its housing unit in Kuje district of Abuja.

Mr. Uche Onyeabo, image maker of the company, explained that the project is designed to assist people own their dream homes through available mortgage facilities. Adding that the first phase of the project which will produce semi-detached and fully detached bungalows in 1-3 bedroom categories would be concluded next year.

According to him, the company recently increased its branch network to 23 with the opening of 2 new branches in Lagos and Abuja with plans to unveil more branches in Asaba, Akure, Yenagoa and Enugu.

Union Homes has an array of products including the Home-at-Home Scheme (HATHS) which enables Nigerians in the diaspora own homes in Nigeria and the new Hybrid Real Estate Investment Trust (REIT).

Nigeria: Lafarge WAPCO Turnover Hits N29.3bn

Lafarge West African Cement Company Plc (WAPCO), has announced a 9% increase of its turnover from N31.9bn in September 2007 to N29.3bn in September 2008 financial records.

According to a statement by the company, the profit after tax had a leap by 2.8% from N8.78bn to N9.02bn while the operating profit moved by 0.4% from N8.64 billion to N8.67 billion in the period under review.

Mr. Emmanuel Oloruntoki, General Manager, Lafarge, expressed joy on the financial record which he believed is an achievement despite challenges encountered in the energy crisis in Nigeria.

He declared his utmost confidence in the company’s performance and expansion in the nearest future.

In addition to the comment, Mr. George Lourandos, Managing Director and CEO of Lafarge, said the company has embarked on procedures to loan about 360 euros which will expand the annual cement production to 2.2 million metric tonnes and lift the aggregate Lafarge WAPCO capacity to 4.2 million metric tonnes by the end of the year 2010.

Abbey Building Lists on NSE

Having obtained an approval from the Nigerian Stock Exchange’s (NSE), council to list its shares on its official list, a Primary Mortgage Institution (PMI), Abbey Building Society Plc, has listed its shares on the stock exchange on 21st October 2008.

The total shares listed by the company equals 4.2 billion ordinary share of 50 kobo each at N3.50 per share.

Abbey in the financial year ended October 2007, performed extremely well and when compared to the previous year’s figures, it became very glaring that investment made in the restructuring of the organisation yielded fruitful results.

In the 2006/2007 financial year, Abbey Building recorded a 66% growth in its Deposit and other Accounts, which increase from N2.241 billion in 2005/2006 to N3.847 billion and representing a 72%increase. Total assets also increased by 63% from N3.397 billion recorded in 2005/2006 to N5.546 billion in the year under review.

The company’s earning rose to N630.009 million in 2006/2007 fiscal year from N379.294 million in 2005/2006 while profit before tax increased by 418% from N27.977 million in 2005/2006 to N144.888 million in 2006/2007 financial year. In the same vein, profit after tax increased to N111.292 million in 2006/2007 fiscal year from N12.753 million in the previous year, representing a 773% increase.

Abbey’s 10 month unaudited figures as at August 31, 2008 when compared to the same period in 2007 shows that total assets increased from N4.4 billion to N8.9 billion representing over N100%.

Gross earning for the 10 month period (August 2008) went up by 70% from N509.8 million to N871.6 million, while net interest margin improved from N149.7 million to N384.6 million, an increase of N156%.

Profit before tax during the same period under review, improved from N136.6 million to N229.4 million representing an increase of 118%.

Dangote, Sephaku Agrees on 2.2m Tonnes Cement Plant

Dangote Cement and Sephaku Holdings have entered into a shareholders agreement for the building of a 2.2m tonnes cement plant in South Africa.

The deal was first announced in April this year, with Dangote acquiring a 19.8 per cent stake through a private placement, the proceeds of which will be used to part-finance the building of the plant. Read more

Dulux Paints Splashes Customers with Prizes

Dulux Paint’s ‘Dulux Gift Splash Promo Raffle Draw’ by CAP Plc, which held between June and July 2008, recently rewarded its lucky customers accross Nigeria, with categories of prizes including a return ticket to Dubai.

Prizes won at the draw are DVD Players, Refrigerators, Gas cookers, a return ticket to Dubai and other consolation prizes. Read more

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