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Dangote Cement Records N158bn Profit, Declares N6 Dividend

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11 years ago

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Dangote Cement Plc late
    last week reported a profit after tax (PAT) of N159.5 billion for the year ended December, 31, 2014, down by about 20 per cent compared with N201.2 billion posted in 2013.
Executive Director, Dangote Group, Mr. Devakumar Edwin, who oversaw operation until recently was quoted by Bloomberg as saying in a statement that performance was affected by erratic fuel supply and prolonged rainy season.
“Despite the challenging conditions of the erratic fuel supply and prolonged rainy season that affected revenues and profitability in Nigeria, the company is confident about the future,” he said.
However, an analysis of the results show that other factors such as high finance charges and other operational expenses also played roles in the company’s challenges through the period.
Dangote Cement ended 2014 with a revenue of N392 billion up from N386 billion in 2013. Gross profit stood at N248.6 billion as compared with N255.7 billion in 2013.
Administrative expenses rose from N25.9 billion to N27.4billion, while sales/distribution expenses increased from N35.6 billion to N37.4 billion.
Finance cost soared by 140 per cent from N13.7 billion to N32.9 billion. Profit before tax stood at N184.7 billion, compared with N191 billion.
But the company paid an income tax of N25.2 billion in 2014 as against a tax credit of N105 billion in 2013. The N25 billion tax charge resulted from the expirations of tax exemption’s on some lines of the company’s business.
Consequently, the company ended the year with a PAT of N159.5 billion compared with N201 billion in 2013.
Based on the performance, the directors have recommended a dividend of N6.00 per share which translates to a yield of 3.9 per cent and pay out ratio of 63.5 per cent.
Dangote Cement controlled by billionaire chairman, Aliko Dangote is expanding in new African countries to tap demand for building materials as governments invest in infrastructure.
The company plans to raise capacity to as much as 60 million metric tons by 2016 from 29 million tons.

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Kenyan Runners Dominate Berlin Marathons

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4 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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4 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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4 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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