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Home Business News

Dangote Cement to raise ₦300 billion through bonds

Onome Ohwovoriole by Onome Ohwovoriole
March 21, 2018
in Business News, Company News
Dangote Cement to raise ₦300 billion through bonds

Dangote Cement Camroon Plant

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Dangote Cement Plc which recently released its FY 2017 results, has unveiled plans to raise ₦300 billion through a bond shelf programme. Brian Egan Chief Financial Officer (CFO) of the firm, disclosed this during an investor conference call.

In addition to the proposed Naira bond raise, the company is also considering raising more capital through Eurobonds. The Naira bonds will be raised in tranches of N50 billion.

Purpose of the debt raise

The funds raised will be used for capital projects including the construction of export facilities at Nigeria’s ports. This will enable the firm export much needed raw materials to its other subsidiaries. The company had in July last year, disclosed plans to expand its production capacity from 45 million tonnes to 80 million tonnes per annum.

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Dangote Cement currently has operations in Senegal, Sierra Leone, Ghana, Cameroon, South Africa, Zambia, Tanzania, Congo and Ethiopia.

The Dangote Group manages Terminal E of the Apapa ports through a subsidiary Greenview Development Services Limited.

Dangote Cement Plc was incorporated in Nigeria as a public limited liability company on 4th November, 1992 and commenced operations in January 2017 as Obajana Cement Plc. The name was changed on 14th July, 2010 to Dangote Cement Plc.

FY 2017 results show Revenue increased from ₦615 billion in 2016 to ₦805 billion in 2017. Profit before tax went up from ₦189 billion in 2016 to ₦289 billion in 2017. Profit after tax also surged from ₦142 billion in 2016 to ₦204 billion in 2017. The company declared a dividend of ₦8.50 per share.

Dangote Cement is currently trading at ₦260 in today’s trading session on the Nigerian Stock Exchange (NSE), down 1.89%. Year to date, the stock is up 15.22%


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Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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