Africa’s largest cement maker, Dangote Cement Plc reported record income in the first half of the year as demand picked up in Nigeria and throughout the continent following the ease of COVID-19 lockdowns.
Dangote Cement said in a statement on Friday that net income increased by 50% to N191 billion ($470 million) from n126.9 billion a year earlier. According to statistics gathered by Bloomberg, revenue increased by 44.8 percent to an all-time high of N690.5 billion the largest increase since at least 2012.
According to the International Monetary Fund, when economies recover from the epidemic, Sub-Saharan Africa will grow at 4.1 percent next year. As countries invest in roads, ports, and power plants to restore their economies, demand for construction materials may rise. Nigeria is to invest $5.6 billion to boost the continent’s largest economy.
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