Dangote Cement Plc said nine-month profit gained 12% as expansion on the continent helped offset weaker demand in its home market of Nigeria.
Net income was 158 billion naira ($794 million) in the nine months through September, compared with 141 billion naira a year earlier, the company said on Monday. Sales rose 18% to 366 billion naira. Lower oil prices and a weaker currency were among factors weighing on the Nigerian business, where sales declined 0.7%.
“Our new operations have made strong starts right across Africa and this has helped to offset the impact of a subdued economy in Nigeria,” said CEO Onne van der Weijde. “We remain optimistic that our home market of Nigeria will recover and this will restore growth and improve overall profitability.”
Dangote Cement is seeking to grow sales and protect market share in Nigeria, while expanding elsewhere in sub-Saharan Africa.
The company cut prices in its home market in September to boost consumption and compete with imports.
