Africa’s Billionaire and industrialist Aliko Dangote has expanded
his empire to Liberia, as Dangote Cement Liberia Limited has signed an
agreement with the country’s Senate to invest in its cement industry.
Terms of the Agreement
$41
million is expected to be invested by Dangote Cement in Liberia over
the next ten years. The company will also be expected to maintain the
roads leading to its terminals. The agreement will, however, be subject
to review once in five years.
How Both Sides Benefit
For
Liberia, the agreement brings in much needed foreign direct investment.
In addition to recovering from a civil war, the Liberian economy
recently suffered a setback from the Ebola crisis. The host community
for the factory also stands to benefit from the company’s Corporate
Social Responsibility (CSR) programmes.
Expanding into Liberia
also raises Dangote’s production capacity drawing it closer to its aim
of being the biggest cement producer in Africa. Dangote cement currently
produces about 40 million tonnes of cement per annum.
About Dangote Cement
Dangote
Cement Plc was incorporated as a public limited liability company on
4th November 1992 and commenced operations in January 2007 under the
name Obajana Cement Plc. The company was listed on the Nigerian Stock
Exchange (NSE) on the 26th of October, 2010. Principal activities of the
company are the preparation, manufacture, and distribution of cement
and cement-related products.
Dangote cement closed at N234 in
yesterday’s trading session on the NSE. Year to date, the stock is up
37.94%. For the 9 months ended September 2017, revenue went up from N442
billion in 2016 to N603 billion in 2017. Profit before tax also
increased from N148 billion in 2016 to N220 billion in 2017. Profit
after tax also increased from N133 billion in 2016 to N193 billion in
2017. Earnings per share also increased from N8.13 in 2016 to N11.30 in
2017.
The company has recently been embroiled in a tussle with
BUA Cement over the control of the Abu mines located in Okpella, Edo
State.