The Dangote Cement Plc series 17 and 18 Commercial Paper (CP) offer of up to N50 billion commenced on Monday, December 16, and will remain open until Thursday, December 19, 2024. This CP offer is part of its N300 billion Commercial Paper issuance program.
Dangote Cement is the leading cement producer in Sub-Saharan Africa, with a total capacity of 52Mta across 10 African countries. The company operates a fully integrated business model from quarry to customer, encompassing manufacturing, sales, and distribution of cement.
The net proceeds from the CPs will be utilized to support short-term financing needs and general corporate purposes. Repayment of the CPs will be made from Dangote Cement Plc’s cash flows.
The company’s investments have helped Nigeria become self-sufficient in cement production and even transform into an exporter to neighboring countries. Africa’s largest cement producer reported revenue of N2.5 trillion for the first nine months of 2024, representing a 69.1 percent growth from the same period in 2023.
After-tax profit increased by 0.55 percent to N279.09 billion, while the cost of sales rose by 92 percent during the same period. Iheanyi Nwachukwu, an experienced content writer with expertise in banking, finance, and capital markets, contributed to this article.
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