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Dangote Cement first quarter profit advances as revenue gains

The Lagos-based company is expanding in new African countries.

Dangote Cement Plc, Africa’s biggest producer of the building material by sales, said net income rose 45% in the first quarter.

Profit was 68.8 billion naira ($345.7 million) in the three months through March, compared with 47.6 billion naira the previous year, the Lagos-based company said in a statement posted on the Nigerian Stock Exchange website on Thursday. Revenue climbed 11 percent to 114.7 billion naira.

Dangote Cement, controlled by billionaire Chairman Aliko Dangote, is expanding in new African countries to tap demand for building materials as governments invest in infrastructure. The company plans to raise capacity to as much as 60 million metric tons by 2016 from 29 million tons.

The shares rose 1.7% to 179 naira at 1:52 pm in Lagos.

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