Dangote Cement will officially open its 1.5million metric tonnes per annum capacity Cement Plant in Congo on Thursday, this week. Constructed at a conservative cost of $500 million, the Plant is expected to directly employ more than 1000 people as thousands of indirect jobs will also be created.
The Plant which is now the largest in Congo rolled out its first bag of cement on the 7th of August, 2017. Currently in 17 African countries, the Congo Plant commissioning will bring the total of Dangote Cement fully operational Plants to 10 across Africa. The company’s third quarter unaudited results showed that the Congo plant which recently began operations has almost doubled the size of the cement sector in the country.
Overall, Dangote Cement maintained its strong hold in the domestic cement market accounting for 65% of the Nigerian cement market while Pan-African volumes went up by 7.5% to 7.0 mta. Analysis of the results indicated that the company recorded strong volumes in Senegal, Ethiopia and Cameroon.
A statement from the company read: “Our Pan-African operations are performing strongly with excellent sales growth in Cameroon, Ethiopia and Senegal. We are consolidating our success across Africa and have just commissioned our 1.5Mta factory in Congo, the tenth country in which we have established operations. “In our key operations in Nigeria we have significantly improved our fuel mix and this has helped increase margins across the Group. It is especially good for Nigeria because most of the coal we are using is mined in our own country”.
Moody’s Investors Service (Moody’) and Global Credit Ratings recently scored Dangote Cement high marks in their recent published ratings assigning a stable outlook to the foremost cement conglomerate. Moody’s assigned a first-time Ba3 corporate family rating (CFR), Ba3-PD probability of default rating and Aaa.ng national scale rating (NSR) corporate family rating to Dangote Cement Plc (DCP), with the outlook on the ratings as stable while Global Credit Ratings accorded initial long term and short term national scale issuer ratings of AA+(NG) and A1+(NG) respectively, to Dangote Cement Plc, with the outlook accorded as Stable.
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