Dangote Cement Plc - Q1 margins weaken amidst record high volume
Continuing from the Q4 rebound, DANGCEM’s Q1’16 results showed another strong topline growth with the group’s cement shipment up 70% y/y to 6.4 million MT (Vetiva: 6.1 million MT) - Nigeria volume up 45% y/y to a quarterly record of 4.5 million, Rest of Africa volume up 180% y/y to 1.9 million MT. Management maintains that the price cut effected in September remains the key factor behind the resilient volume growth. Overall Q1’16 turnover growth was however more modest in the context, up 22% y/y to N140 billion (Vetiva: N141 billion) amidst lower pricing. Nigeria turnover was up 6% to N107.2 billion whilst Rest of Africa turnover up 152% y/y to N33.7 billion.
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