(Updates with analyst comment in fourth paragraph.)
Aug. 1 (Bloomberg) -- Dangote Cement Plc, Nigeria’s largest company by market value, said profit climbed 8.9 percent in the six months through June as sales rose.
Profit after tax increased to 57.7 billion naira ($378.2 million) compared with 53 billion naira a year earlier, according to a statement published on the Nigerian Stock Exchange’s website today. Revenue advanced 13 percent to 112.7 billion naira, while the net value of its assets was 234.3 billion naira from 211.5 billion naira, the company said.
The cement maker plans to raise funds in a London share sale before the end of 2012, investing $3.9 billion as it moves to more than double output to 50 million metric tons by 2013 from an estimated 20 million tons this year, Chairman Aliko Dangote said on May 6.
“Dangote Cement’s fundamentals remain strong as its profitability margins grow,” Oluwatosin Oluwakiyesi, an analyst at Lagos-based Vetiva Capital Management Ltd., wrote in an e- mailed note to clients today.
Plans to bring a new cement plant into production before September is likely to provide a further boost to its earnings for the rest of the year, he said.
The stock, which carries two “buy” and four “hold” recommendations, closed unchanged at 120 naira at 2:30 p.m. today, giving it a market value of 1.9 trillion naira. It has a 26 percent weighting in the Nigerian Stock Exchange All Share Index.
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