- Joseph Makoju Appointed Acting MD
By Nse Anthony-Uko
Dangote Cement has reported 45 per cent rise in profit after tax to N193 billion in its third quarter result for the period ended September 30, 2017 compared to N133. 5 billion recorded in the same period in the year 2016.
Also in a notice sent to the Nigerian Stock Exchange (NSE) Thursday, Dangote Cement announced the retirement of its current managing director, Mr. Onne Van Weijde at the end of 2017.
According to the Company, Van Weijde will be returning to his home country on completion of his term, but will be appointed a non-executive director effective 1st January 2018. Mr. Jospeh Oyeyani Makoju has been appointed acting managing director of Dangote Cement Plc.
Meanwhile, Dangote Cement ended third quarter with revenue growth of 36.4 per cent to N603.5 billion in contrast to N442. 0 million posted in the previous year, gross profit rose to N343. 7 billion against N210.4 billion recorded in the year before, while earning per share rose by 38.9 per cent to N11.30 from N8.13.
Dangote Cement said its total assets for the period under review is N1.6 trillion compared to N1.5 trillion reported in the fiscal year 2016 while total liabilities was N781.6 billion versus N730.5 billion recorded in the year 2016.
Group operating expenditure (opex) rose by 14 per cent year-on-year and 16 per cent quarter-on-quarter. In Nigeria, opex remained well contained while sharp increases were recorded overseas. At the Group level, the EBITDA margin of 47.5 per cent was higher by 1,649 basis points year-on-year, with Nigerian realised 62.4 per cent EBITDA margin.
Capital market analysts noted that Dangote Cement’s performance over the nine months of 2017 was very strong, and consistent with the broadly expected impressive year for the Group, saying “We look for positive investor reaction to the result.”
Dangote Cement said Makoju graduated from the University of Nottingham, in 1972 with First Class Honours in Mechanical Engineering, and an M.Phil. Mechanical Engineering in 1974. Makoju also served two consecutive administrations as Special Adviser (Power) and had a brief stint as the MD of the defunct Power Holding Company of Nigeria (PHCN).
It stated that “Makoju has 37 years’ experience in the cement and energy industry, including nearly a decade as the MD/CEO of Lafarge Cement Plc. “Makoju was appointed special adviser to the Group CEO/president Dangote Group in October 2009. He joined the board of Dangote Cement on the December 2, 2010. Dangote Cement shares are currently trading at N210.03 in yesterday’s trading session on the NSE, up 26.4 per cent year to date.