Cement sales came in strong y/y in Nigeria, rising 11.4% y/y to 14.2 million MT in FY’18 (FY’17: 12.7 million MT, Q4’18: 3.4 million MT). Overall, volumes sold in the region came in flat y/y at 9.4 million MT (Q4’18: 2.3 million MT). Overall, total cement sales for the Group in FY’18 rose 7% y/y to 23.5 million MT, translating to a 12% y/y increase in Revenue to ₦901 billion. Thus, we forecast a 9% y/y increase in volumes to 15.4 million MT, translating to an FY’19 topline of ₦664 billion (FY’18: ₦618 billion). Overall, we forecast Group volumes of 25.7 million MT and FY’19 Revenue of ₦965 billion.

Source: Ethiopian News March 05, 2019 13:52 UTC