BUA Cement posts 19.4% growth in profit for financial year 2020

BUA to establish mega cement manufacturing complex in Nigeria

NIGERIA – BUA Cement Plc, a leading cement manufacturer in Africa, has declared in its audited financial statement, a 19.4% year-on-year growth in profit to N72.34 billion (US$176.51m) for the financial year of 2020, compared to last year’s figure of N60.34 billion (US$147.23m). The double-digit growth in profit was a testament to the cement maker’s focus on efficiency, excellent cost optimization strategies, newer technologically advanced plants, and lastly the strong growth in revenue which was driven by the rising demand for cement. BUA Cement’s revenue expanded by 19.33% in 2020,…

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Cement manufacturer Lafarge Egypt partners NRC to promote cement industry

EGYPT – Lafarge Egypt, a construction materials company and a member of LafargeHolcim Group, has inked a Memorandum of Understanding (MoU) with The National Research Centre (NRC) to promote the future of the Cement Industry in Egypt. Both entities have allied to build upon NRC’s witnessed research capabilities & Lafarge Egypt’s seasoned expertise in the construction sector which will leveraging their mutual potentials. “Optimizing scientific innovations & comprehensive applied research, our promising collaboration shall bring to life high-end local products that can competently compete with imported equivalents,”  President of the…

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Value of Nigeria’s manufacturing output grow by US$12bn in 2019, statistics from NBS have shown

NIGERIA – The value of Nigeria’s manufacturing output rose by US$11.89bn (N4.33tn) to reach US$46.07bn (N16.78tn) in 2019, a report by the National Bureau of Statistics (NBS) has shown. An analysis of the Gross Domestic Product report from the NBS showed that the 2019 output represented an increase of 34.78 per cent when compared to the 2018 output of US$34.18bn (N12.45tn). According to the report, 12 out of 13 of the country’s manufacturing sub sectors recorded an increase in economic performance between 2018 and 2019, while one sub sector recorded…

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CEMENCO Unveils US$ 14 Million Modern Cement Plant in Liberia

LIBERIA – Cemenco, a subsidiary of German based Heidelberg Cement, has commissioned a new 0.5Mt/yr, US$14m cement mill at its cement grinding plant in Monrovia, Liberia. Liberia’s head of state, H.E President George Weah who was at the launch of the new cement plant by CEMENCO said that the project was a clear demonstration of the confidence investors have in the Liberian economy. “To make foreign direct investment in Liberia is a vote of confidence in the safety and civility of the Liberian investment environment; we applaud you for that,”…

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Competition authority approves Cemtech’s acquisition by Simba Cement Limited

KENYA – The Competition Authority of Kenya (CAK) has approved the acquisition of Cemtech Limited a Kenyan cement business by Simba Cement Limited in a move that is set revamp the factories operations after several failed attempts to start operations. The regulator gave Simba Cement, a subsidiary of the Devki Group of Companies, the go-ahead to buy 100 percent of the business and assets of Cemtech owned by Indian conglomerate Sanghi Group. According to a reports by Business Daily Devki Group will acquire all Cemtech’s land, intellectual property, business records,…

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Rwandan government to sell 49% stake at Cimerwa cement company

RWANDA – The Rwandan government has unveiled plans to sell its 49% stake in Cimerwa cement company. Rwanda’s Prime Minister, Edouard Ngirente, made the announcement saying that the sale will be done through an auction by the end of March although he did not disclose the reason for the sale nor the value of the transaction. Cimerwa is jointly owned by South Africa’s PPC and the government of Rwanda at 51 and 49% respectively with indications revealing that PPC has not yet expresses intreset in the remaining stake. “We have…

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