Dangote Cement revised its 2015 spending plans to $1 billion from the $700 million estimated nine months ago after commissioning two new African plants in June,
the company said on Friday.
The company, Africa’s biggest cement concern and majority-owned by Aliko Dangote, has embarked on an expansion outside its home market and invested over $5 billion in such projects in the past few years.
Dangote Cement said the contribution to sales outside its dominant Nigerian home market grew to 14% of total revenue by June 30 from 3% a year ago.
It expects an increased contribution from its operations in Senegal, Cameron, Ethiopia and Zambia by the second half of the year.
Dangote Cement commissioned operations in Ethiopia and Zambia last month and expects to begin production in Tanzania in September.
The company had spent 100 billion naira ($502 million) this year by June 30. It budgeted to spend $1.4 billion as capital expenditure in 2014.
Gross debt increased to 309.2 billion naira by half-year from 242.6 billion naira in December, as it increased borrowing to fund capital expenditure.
Dangote reported a 20% rise in first-half pretax profit on Thursday.
