Dangote Cement Plc is targeting the production of about 60 million metric tonnes of cement in the next three years.
The Chairman Board of Directors of the company Alhaji Aliko Dangote, who stated this at it’s 3rd Annual General Meeting said in order to achieve the targets, aside from its current production capacity, Obajana line 3 with capacity of 5.250 million metric tonnes will soon be commissioned while that of Senegal comes up before end of first half of the year.
Dangote noted that the company is presently constructing 3,000 tonnes per day cement plants in order African countries such as Zambia, Tanzania, Ethiopia, Congo and Gabon as well as bulk cement terminals/cement grinding units in Sierra Leone, Ivory Coast, Liberia, Ghana among others.
During the AGM, the shareholders approved a dividend of N1.25 kobo for every ordinary shares of 50 kobo each held by shareholder as well as bonus shares of one new ordinary share of 50 kobo for every 10 ordinary shares held by them.
Dangote said the bad loans cleared by the Asset Management Corporation of Nigeria (AMCON) has boosted investors confidence.
According to him, the company has taken steps to join global companies that report under the new International Financial Reporting Standards (IFRS).
“We engaged KPMG to assist in making the process of transition to the new framework seamless and timely,” he said, maintaining that complying with IFRS requirements would help project the company as a global brand in the international marketplace.
Meanwhile, Dangote Cement recorded an increase of N33 billion or 16.5 per cent in turnover from N203 billion in 2010 to stand at N236 billion during the year ended 31 December 2011.
Profit before tax and extra-ordinary item moved from N101.3 billion in 2010 to N118.3 billion in 2011 translating to N16.9 billion or 16.7 per cent increase.
It also recorded an increase of N20.6 billion in profit after tax and extra-ordinary item from N105.3 billion in 2010 to stand at N125.9 billion during the financial year end of 2011.
The earnings per share of the company also rose by N1.31 kobo from N.80 kobo in 2010 to N8.12 kobo in 2011 financial year.