September 2016...At a glance 2 •Largest independent cement producer in Africa, 44Mta capacity...
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September 2016
Transcript of September 2016...At a glance 2 •Largest independent cement producer in Africa, 44Mta capacity...
September 2016
At a glance
2
• Largest independent cement producer in Africa, 44Mta capacity operational as of September 2016
– 29.3Mta capacity across three state-of-the-art plants in Nigeria, Sub-Saharan Africa’s largest cement market
– 1.5Mta due onstream in Congo in H2 2016, and 0.7Mta import facility in Sierra Leone
• Delivering strong financial and operating performance
– FY 2015 revenues of ₦491.7bn
– FY 2015 EBITDA of ₦262.4bn at 53.4% margin
– Q2 2016 net debt of ₦293.3B, gearing of 43.1%
• On track for a diversified pan-African business profile
– Target of >75Mta capacity in 17 countries
• Largest company on Nigerian Stock Exchange
– Market capitalisation $10bn; ca. 30% of total NSE capitalisation
– A bellwether on the cement sector and on Africa’s growth
Strong Financial Growth
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57.8%
55.5%
58.3% 59.5%
57.0%
53.4%
50%
52%
54%
56%
58%
60%
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100
200
300
400
500
600
2010 2011 2012 2013 2014 2015
Revenues (₦B) EBITDA (₦B) EBITDA margin (%)
19.4% CAGR
17.5% CAGR
₦B
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2010 2011 2012 2013 2014 2015
Nigeria (manufactured) Nigeria (imported) Cameroon Congo
Ethiopia Ghana Senegal Sierra Leone
South Africa Tanzania Zambia
Strong Volume Growth
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19.5% CAGR
Increasing proportion of non-Nigerian volumes as new plants achieve good gains in market share
Mill
ion
to
nn
es
Our presence – existing and planned
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• Present capacity 43.6Mta across 8 countries
• Nigeria – 29.25Mta
• South Africa – 3.3Mta
• Tanzania – 3.0Mta
• Ethiopia – 2.5Mta
• Senegal – 1.5Mta
• Cameroon – 1.5Mta
• Zambia – 1.5Mta
• Ghana – 1.0Mta
• 2.2Mta new capacity coming online in Q4
• 1.5Mta integrated plant in Congo
• 0.7Mta import facility in Sierra Leone in Q4
• Remain committed to scale of expansion
• But expansion schedule will depend on FX availability
• Priorities will be:
1. New markets able to generate FX for Group
2. Increasing utilization of existing assets
3. Brownfield expansions
• Group aims to be >75Mta and a top-5 producer
Senegal1.5-3.0 Mta
Ghana2.5 Mta
Cameroon1.5-3.0 Mta
Ethiopia5.0 Mta
Tanzania3.0 Mta
Zambia1.5-3.0 Mta
South Africa3.3 Mta
Liberia0.5 Mta
Côte d’Ivoire3.0 Mta
Kenya1.5-3.0 Mta
Zimbabwe1.5 Mta
Congo1.5 Mta
Niger1.5 Mta
Mali1.5 Mta
Nigeria38-41 Mta
Sierra Leone0.7 Mta
Why Sub-Saharan Africa? Why Cement?
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Cement demand driven by
increasing population,
urbanisation and prosperity
Sub-Saharan Africa
significantly lags global
average per-capita cement
consumption
Huge opportunity for African
producers to expand, replace
imports, especially in West
Africa, much of which lacks
limestone
Africa is the last major
growth market for cement
with relatively little surplus
capacity at present
High capital cost of
entry, construction time
and access to resources
are key barriers to entry
Key markets are
Nigeria, Ethiopia, South Africa;
cement ‘majors’ with high net
debt/EBITDA are less able to
take on additional debt to to
finance entry to these markets
Cement is an essential
building material with no
viable substitutes,
Africa needs billions of
tonnes in the coming
decades
Dangote Cement is the only large-scale player in Sub-Saharan African Cement markets
Many incumbents are sub-
scale, use older technologies,
so are vulnerable to well-
funded industry disruptors
Overview of African Cement Market
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• Increasing political stability enabling rapid economic growth
• Steady population growth, younger profile increases need for building
• Emerging middle-class, increasing consumerisation and access to financial services e.g. banking, mortgages, credit
• Increasing demand for more and higher grades of cement as urbanisation continues across the continent, demanding more infrastructure, housing and commercial building
Positive Long-Term Mega Trends
Source: Industry Sources, BMI.
1. Global average includes China.
• Unlocking of natural resources (oil, commodities)
• Increased manufacturing capabilities (for both domestic consumption and exports)
• Increasing inward investment as aid is replaced by commercial funding
• Accelerating technological adoption, enabling ‘leap-frogging’
• In early build-out phase of development, cement is used in ‘economic multipliers’ e.g. infrastructure, with positive feedback for cement demand
Supportive Growth Factors
• Historical SSA GDP growth of 4.6% between 2010 – 2014
• Expected SSA GDP growth of 4.2% between 2014 – 2018 (World Bank)
• Construction industry value forecast to grow at 6.5% CAGR between 2015 – 2017
Attractive Macro Economic Situation
Rapid Increase in Urbanisation Presents Strong Opportunity
408m
1,427m634m
1,046m
1,041m
2,473m
2010 2050Urban Rural
Liberia Niger
EthiopiaMali
Zimbabwe
Sierra Leone
Tanzania
Senegal
Kenya
Nepal
Cameroon
Côte d’Ivoire
Zambia
Ghana
Laos
Congo
Palestine
Pakistan
Nigeria
0
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600
0 1,000 2,000 3,000 4,000 5,000 6,000
Global Average: 573kg(1)
Materially Lower Cement Consumption in Africa
GNI US$
Pe
r-ca
pit
a ce
men
t co
nsu
mp
tio
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Kg)
Cement consumption in Africa has high and long-term growth potential
• Over 1.4B Africans are forecast to live in urban areas by 2050, which is > 4x North America’s current population
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Strategic Raw Material Access
Location, quality and quantity of Dangote Cement’s limestone reserves is a key competitive advantage
• Limestone is the key and irreplaceable ingredientof all types of modern cement
• Commercially viable deposits of limestone are relativelyscarce across many parts of Africa
– Ideally need high-quality limestone to be neardemand centres, fuel and distribution network
• Nigeria has a relative abundance of quality limestoneespecially in key southern regions near to demandcentres, export facilities
– Nigeria also has good-quality coal that we will mineto achieve self-sufficiency in fuel
• Absence of limestone in much of West and East Africa,especially coastal states, forces those countries to importbulk cement or its intermediate product, clinker, usuallyfrom Far East and Nigeria
• Limestone reserves close to existing facilities each with alife of mine in excess of 30 years
• Dangote Cement plans an ‘export to import’ strategy toserve West Africa and Cameroon from Nigerian factories,exporting by road and in time by sea
Limestone in Nigeria is high quality and close to demand centres
Goal
Vision
Strategic Initiatives and Goals
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Grow and diversify
across the last and
potentially most
attractive major
growth market for
cement
Strategic Pillars / Long-Term Goals
Consolidate expansion across
Africa
Achieve leadership in key
markets
Tap high-value export markets
Capture local markets with
superior quality and service
Adhere to global standards of governance
Improve sustainability
Strive to obtain a #1 or
#2 position in each
market, with at least
30% share
Serve landlocked
markets with high
sales prices and
margins, generate FX
to offset imported raw
materials
Serve markets with
delivered product
instead of factory gate
sales; use financial
strength to improve
service, reduce costs
Achieving international
standing through good
governance enables us
to access global
financial markets
Be most energy and
CO2 efficient company
in our industry, with
low environmental
footprint when
compared to peers
• Key elements of business model
– Target high-growth, populous markets with cement deficits and older/less efficient producers
– Be the leader in quality, costs and service wherever we operate
– Expand quickly and profitably when rivals are hampered by debt or smaller scale
A strategy to become a respected and world-class business leader
To deliver superior and sustainable risk-adjusted ROI, IRR on our investments
To be Africa’s leading producer of cement, respected for the quality of its products and services and for the way it conducts its business
Value Creation
Size and buying power enables favourable
procurement of plants at lower cost; brownfield
increases returns
Careful market selection looks for countries with good resources, cement deficit, ageing peers and
investment incentives
Larger scale of plants built with high degree of
standardisation and prefabrication to reduce capex, improve returns
New quarries enable optimal mining of
highest quality raw materials, improving
product quality
Good emissions control helps environment,
improves competitiveness in face of increasing industry regulation
Strong focus on quality ensures best-quality
materials, manufacturing processes and end
products, reduces waste
Fuel strategy improves margins by bulk
procurement, switch to lower-cost kiln/power
fuels e.g. coal
Larger kiln sizes enables higher-efficiency
production of clinker in most expensive step of
production
Use of modern vertical rolling mills enables finer
cement grinding, improves quality with
positive impact on setting time for block makers
Highly automated packing and loading reduces
manual loading, enables higher throughput
through packing lines
Ability to buy/operate trucks in bulk enables superior distribution capabilities, extends
market reach
Strong competitive advantages delivering improved returns for
shareholders
=
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Board and Committee Structure
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Board of Directors
Aliko Dangote (1)
Onne van der WeijdeDevakumar EdwinSani DangoteAbdu DantataOlakunle AlakeJoseph MakojuOlusegun OlusanyaEmmanual Ikazoboh*
Ernest Ebi*
Fidelis MadavoDouraid ZaghouaniDorothy Ufot*
Finance and General Purpose Committee
Olusegun Olusanya(1)
Devakumar EdwinSani DangoteOlakunle AlakeEmmanuel IkazobohErnest EbiFidelis Madavo
Audit and Risk Committee
Ernest Ebi(1)
Devakumar EdwinOlusegun OlusanyaSani DangoteOlakunle AlakeEmmanuel IkazobohFidelis Madavo
Remuneration and Governance Committee
Emmanuel IkazobohDevakumar EdwinSani DangoteOlusegun OlusanyaAbdu DantataJoseph MakojuErnest Ebi
Nomination Committee
Aliko Dangote(1)
Olusegun OlusanyaEmmanuel IkazobohErnest EbiFidelis Madavo
TechnicalCommittee
Fidelis Madavo(1)
Devakumar EdwinOlakunle AlakeAbdu DantataJoseph MakojuErnest EbiDouraid Zaghouani
Statutory Audit Committee(2)
Robert Ade-Odiachi(1)
Olakunle AlakeJoseph MakojuOlusegun OlusanyaSada Ladan-BakiBridget Shiedu
Note: * denotes Independent Non-Executive Directors.1. Chairman of Committee.2. The Statutory Audit Committee is not a Committee of the Board.
56 58
106 106
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2010 2011 2012 2013 2014 2015
Annual Report Pages
Strong Corporate Governance
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• Achieved Premium Listing status on the Nigerian Stock Exchange, August 2015
• Followed rigorous audit of governance policies
• June 2016 appointment of first female director, Mrs Dorothy Ufot, SAN
• Adds strong legal knowledge
• Two Independent Non-Executive Directors appointed in 2014
• Ernest Ebi
• Emmanuel Ikazoboh
• Group-wide risk management initiative
• Improved Annual Report providing stakeholders with more information and greater transparency
• Implementation of key policies to meet international standards of governance
International standards of governance
EHSS commitments
• EHSS Head Massimo Bettanin appointed Q2 2016
• Formerly adviser to DCP during its work with ERM consultancy
• Major Environment, Health & Safety and Social initiative
• Standard approaches to be rolled out across all territories
• Occupational Health & Safety Management System
• Improves on plant-by-plant approach adopted so far
• Teams being recruited to Dangote Cement EHSS program in 2016
• Working to adopt IFC Performance Standards
• Will adopt NSE’s Sustainability Reporting guidelines when introduced, probably for 2017 reporting year
• Likely to be based upon GRI G4 Sustainability reporting Guidelines
• Carbon disclosure likely from 2017
Improving corporate disclosure
Highlights for H1 2016
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Financial results
• Revenue up 20.6% to ₦292.2B
• EBITDA down 10.2% to ₦132.5B at 45.4% margin, on lowerselling price, higher fuel costs in Nigeria and plants in ramp-up
• EPS down 13.7% to ₦6.23
• Net debt of ₦293.3B, gearing ratio of 43.1%
Operational highlights
• Group cement volumes up 59.6% to nearly 13.0Mt
• Record sales volumes in Nigerian market, up 38.8% to more than 8.7Mt after price reduction
• West & Central Africa sales volumes up 185% to 2.6Mt*
• South & East Africa sales volumes up 79.6% to 1.6Mt*
• Good start in Tanzania with strong market share gains
• Appointment of Dorothy Ufot as first woman on Board
• Appointment of Massimo Bettanin as Head of EHSS– Brief to prepare Dangote Cement to comply with proposed
Sustainability Disclosure Guidelines from 2017
*As of 1st January 2016, Ethiopia was regrouped into the West & Central operating region
Regional revenues (₦bn)
Six months to30th June
2016 2015 Change
Nigeria 216.6 207.8 4.2%
West & Central Africa *
49.9 17.1 192%
South & East Africa
26.1 17.3 50.9%
Inter-company sales (0.4) -
Total 292.2 242.2 20.6%
Regional sales volumes (‘000 tonnes)
+45.4%
+00.0%
0
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4,000
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8,000
10,000
12,000
14,000
H1 2015 H1 2016
Nigeria W&C Africa S&E Africa
Financial Overview
Six months to 30th June 2016 2015
₦B ₦B % change Comments
Revenue 292.2 242.2 20.6%Maiden H1 contributions from non-Nigerian factories and improved revenue from Nigeria
Cost of sales (139.2) (84.5) 64.7% Higher fuel costs in Nigeria owing to gas disruption
Gross profit 153.0 157.7 (3.0%)
Gross margin 52.4% 65.1% 57% in Nigeria, 17% Pan-Africa
EBITDA 132.5 147.5 (10.2%) Lower selling price and higher fuel costs in Nigeria, plus impact of plants in ramp-up
EBITDA margin 45.4% 60.9%
EBIT 98.0 122.4 (19.9%)
EBIT margin 33.6% 50.5%
Net finance income 26.8 6.3 Net gain of N42.7B on translation of net assets denominated in foreign currency
Profit before tax 124.9 128.7 (3.0%)
Income tax (expense)/credit (21.4) (6.9) 210% Effective tax rate is 17.2% at Group, 10% in Nigeria
Profit for the period 103.4 121.8 (15.1%)
Earnings per share 6.23 7.22 (13.7%)
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Income Statement
Financial Overview
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Kiln fuel (cement plant)
36%
Power Plant10%
Limestone 1%Mine costs
2%
Gypsum5%
Packaging10%
Refractories1%
Other variable3%
Maintenance5%
O&M contract3%
Direct wages6%
Plant general6% SG&A
12%
% of average cash costs per tonne (Nigeria, 2016 ytd)
(cont’d)
Approximately 60% of cash costs US$ based
Financial Overview
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Movement in net debt
Cash₦B
Debt₦B
Net debt₦B
As at 1st January 2016 40.8 (245.0) (204.2)
Cash generated from operations beforechanges in working capital
113.9 - 113.9
Changes in working capital 7.6 - 7.6
Income tax paid (0.7) - (0.7)
Capital expenditure (54.6) - (54.6)
Other investing activities (3.1) - (3.1)
Change in non-current prepayments 7.1 - 7.1
Net interest payments (19.8) - (19.8)
Net loans obtained (repaid) 79.4 (79.4) -
Other cash and non-cash movements 14.8 (18.0) (3.2)
Dividend paid (136.3) - (136.3)
As at 30th June 2016 49.1 342.4 293.3
(cont’d)
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As at As at30/06/16 31/12/15
₦B ₦B
Property, plant and equipment 1,065.2 917.2
Other non-current assets 26.1 25.1
Intangible assets 6.3 2.6
Current assets 224.6 125.2
Cash and cash equivalents 49.1 40.8
Total Assets 1,371.3 1,110.9
Non-current liabilities 84.8 57.2
Current liabilities 257.6 153.4
Debt 342.4 255.6
Total liabilities 691.0 466.0
Net Assets 680.2 644.7
Net debt as % of net assets 43.1% 33.3%
Financial Overview
Balance sheet
(cont’d)
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Analysis of Debt
₦bn Short-term Long-term Total %
Naira 62.8 207.3 270.1 78.9%
US$ 20.4 4.4 24.8 7.2%
Rand 3.2 39.1 42.3 12.4%
Other 5.2 0 5.2 1.5%
• DCP has low US$ debt exposure
• BUT: DCP Nigeria lends funds to country operations in US$
• Results in gain on translation as Naira devalues
Nigeria Performance
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• Record H1 sales up 38.8% to nearly 8.8Mt
• Q2 sales up 31.8% despite recent price increases
• Market share of 66% vs 58% in H1 2015
• Imports rapidly falling away at lower price
• Gas disruption worsens, weighs on margins, along withlower selling price in Nigeria following Sept 15 price cut
– Coal now on Obajana 1&2 since early July
• Successful marketing initiatives target 14,000+ retail outlets
• Impact of devaluation in late June not yet felt
– At $1=₦285 cash costs rose by 25%
– Protection of margin is main objective
Nigeria performance
Six months to30th June
2016 2015 Change
Volumes sold (kt) 8,766 6,315 38.8%
Revenue (₦B) 216.6 207.8 4.2%
EBITDA (₦B) 124.1 144.3 (14.0%)
EBITDA margin 57.3% 67.4%
0
1,000
2,000
3,000
4,000
5,000
Q1 Q2 Q3 Q42014 2015 2016
Quarterly sales (‘000 tonnes)
+36.3%+45.4%
* Excluding corporate costs and eliminations (see note 4 to accounts)
+31.8%
Fuel Costs in Nigeria
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• Kiln fuel is the major cost of cement production
• Group margins are affected by mix of fuel in Nigerian kilns
• Preference is to run on gas
• Disruption and maintenance have lead to shortages since 2014, thus affecting margins
• Back-up LPFO often not available locally, forcing production shutdowns prior to use of coal (especially 2014)
• Gas priced in US$ but paid in naira, so is affected by FX
• Locally bought or mined coal is priced in Naira
• Switch to coal has several positive impacts
• Cheaper and more reliable than gas
• Also eliminates need for expensive LPFO as back-up, or imported coal
• Reduces FX need for imported fuel
• Could potentially run all lines 100% on local coal at lower cost than gas
• DCP committed to disclosing CO2 emissions in line with good practice and potential NSE requirements
+46%+47%
H1 2016 (H1 15)
Obajana Ibese
Gas 50% (88%) 26% (83%)
Coal 12% (7%) 52% (17%)
LPFO 39% (5%) 22% (0%)
Kiln fuel mix H1 2016
Relative cost of alternative fuels vs gas per tonne of clinker
Obajana Ibese
Own-mined coal 0.7x 0.7x
Locally bought coal 0.8x 0.8x
Imported coal 1.2x 0.9x
Gas 1.0x 1.0x
LPFO 2.5x 1.8x
Good Progress with Coal Upgrades
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• Decided 2-3 years ago to diversify and de-risk fuel supplies
• Most coal mills will be operational by end of September 2016
• Immediate and positive impact on margins
• Already using locally purchased coal
• Blending with imported coal to assure optimal quality
• Begin mining our own coal at Ankpa, Kogi State in November 2016
• Quality is good enough to use 100%, not blend
• Coal will transform profitability of Gboko (previously 100% LPFO)
+46%+47%
Update on coal mills
Obajana Capacity Operational date
Line 1 2.5Mta June 2016
Line 2 2.5Mta July 2016
Line 3 5.0Mta December 2014
Line 4 3.0Mta October 2016
Ibese Capacity Operational date
Line 1 3.0Mta September 2014
Line 2 3.0Mta October 2014
Line 3 3.0Mta September 2016
Line 4 3.0Mta September 2016
Gboko Capacity Operational date
Line 1 2.0Mta September 2016
Line 2 2.0Mta October 2016
Ibese
Obajana
MinesGboko
West & Central Africa
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• Strong performance across the region
• Sales volumes up 185% to nearly 2.6Mt, including Ethiopia
• Revenues rise 227% to ₦49.9B, EBITDA up 230%
• Excellent sales increases across the region
– Senegal sales up 58%
– Ghana up 74%
– Cameroon up 240%
– Ethiopia up 860%
• Strong market shares achieved
– Senegal 29% share
– Ethiopia 28% share
– Cameroon 47% share
• Congo set for operations in October 2016
• Sierra Leone expected ready by October 2016
H1 sales ('000 tonnes)
0
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West & Central Africa performance
Six months to30th June
2016 2015 Change
Volumes sold (kt) 2,562 898 185%
Revenue (₦B) 49.9 17.1 192%
EBITDA (₦B) 11.8 3.6 230%
EBITDA margin 23.7% 21.0%
West & Central Africa
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Cameroon
• GDP growing at c5% but slowing on lower oil price
• Infrastructure investment continues but at more modest levels
• Cement pricing generally stable, $110 at June 2016
• Our sales volumes up 240%, leading supplier with 47% market share a year after opening
Ghana
• Solid economic growth but high inflation because of fuel costs, Government revenues impacted by low oil price, fuel shortages, blackouts not helping construction
• Improved supply and logistics enabled us to increase market share to 15% on improved sales
• Allocated 1,000 trucks to bring cement from Nigeria, improving local delivery capability
• Importing from Nigeria provides non-duty alternative to imports from outside ECOWAS
• Pricing supportive at about $133 in June
Ethiopia
• Economy slowed by drought and subsequent flooding
• Government committed to infrastructure
• $500m World Bank financing for power, transport
• Strong sales performance, nearly 1Mt, gained 28% market share in year since opening
• Pricing at about $74/tonne in June 2016
Senegal
• Economy slowing because of lack of key export goods
• But government has approved $370m infrastructure investment for roads and power
• Strong sales despite maintenance downtime
• Achieving 29% market share
• Increasing export sales to Mali, also targeting Gambia and Liberia for bulk cement
• Typical ex-factory price was $79 in June 2016
South & East Africa
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H1 sales ('000 tonnes)
0200400600800
1,0001,2001,4001,6001,800
2015 2016
South & East Africa performance
Six months to30th June
2016 2015 Change
Volumes sold (kt) 1,656 922 79.6%
Revenue (₦B) 26.1 17.3 50.9%
EBITDA (₦B) 1.1 3.3 (67.4%)
EBITDA margin 4.2% 19.3%
• Sales volumes up 79.6% to more than 1.6Mt
• Revenues up 50.9% to ₦26.1B
• EBITDA falls 67.4% owing to lower pricing across the region, FX challenges and fuel costs in Tanzania
• South Africa volumes up 18% despite poor economy
• Zambia makes good maiden H1 contribution
• Tanzania makes solid start, now a leading supplier with 23% monthly share in June 2016
South & East Africa
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South Africa
• Economy weak on China slowdown, Brexit worries
• But infrastructure investment set to rise
• Strong 18% volume growth despite economy
• Pricing pressure on competition, new capacity
Tanzania
• Govt has ambitious plans for medium-term growth but climate is subdued at present following VAT increases
• Infrastructure and housing drive cement demand
• Price competition and new DCP capacity has driven prices down to about $80
• Solid start to operations at Mtwara, quickly becoming a leading supplier across Tanzania
• Reliance on diesel gensets will subdue margins until coal-fired power plant is completed
Zambia
• Low copper prices impact export earnings, Kwacha depreciation vs US$
• Increased unemployment, 20% inflation, power shortages
• Infrastructure stalling, limited new projects, ‘wait and see’ pending election in August
• But increasing demand from Malawi despite import permits
• Despite inflation, cement prices under pressure$72/tonne in June
• Dangote Cement achieves 40%-45% share in first year
Corporate Developments
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• Dorothy Ufot, SAN, appointed as first female Director• Brings considerable experience as a leading commercial lawyer• Substantial experience in international business law• Strong expertise in international commercial arbitration
• Massimo Bettanin appointed Head of EHSS• Previously advised Dangote Cement while at ERM• Helped develop EHSS policies for Dangote Industries• Will manage development of EHSS strategy and implement roll-out,
monitoring and reporting across all sites• Prepares DCP to improve disclosure of Sustainability efforts in line with global best practices
+46%+47%
Update on Trading and Outlook for 2016
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• Strong 15% volume growth maintained in Nigeria in Q3 to date• Would lock in 20% volume growth in Nigeria even if September - December are flat
• Nigeria price increase of ₦600/bag on 29th August • Covers impact on costs of Naira devaluation, inflation, as previously indicated
• Coal mining to begin in November• Eliminates need for unreliable gas, expensive LPFO and imported coal• Could be self-sufficient in fuel when mining is underway• Fuel mix deteriorated in Q3, so conversion will reverse disruption and fuel cost increases
• New capacity coming online in October • Congo (1.5Mta)• Sierra Leone (0.7Mta)
+46%+47%
$130
$140
$150
$160
$170
$180
$190
₦ 1,000
₦ 1,200
₦ 1,400
₦ 1,600
₦ 1,800
₦ 2,000
₦ 2,200
Ex-factory price before discounts
Nairaper bag
US$per tonne
Investor Relations
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For further information contact:
Carl FranklinHead of Investor RelationsDangote Cement Plc
+44 207 399 3070+44-7713 634 [email protected]
www.dangotecement.com
@DangoteCement
