BUY!

Forgive my ignorance,
1.Where are the staff costs in that income statement?
2.Who nominates the shareholder rep. to the board(I hope he does not nominate himself)?Is that nomination subject to ratification at the AGM?

Great set of results, this is a solid blue-chip. Effect of SGR on revenue?

Even though yet again the FS is too condensed to make much sense out of the numbers except for the management discussion and analysis. CMA or NSE need to provide minimum guidelines on disclosures for public companies.

They got their financing right in a period of expensive capital unlike ARM which is saddled with both forex and local CCY debt. It's a good time to hold large dollar cash balances; you can ask Bamburi.

Looking ahead, what will be the Dangote effect in the EAC market and other African inland exports from EAC?

Dangote's production (~20mm MT) in Nigeria in now equal to the country's consumption (~20mm MT) in a market with other formidable players (WAPCO, Ashaka etc), so they can only expand outside Nigeria.

Case 1: http://www.bloomberg.com...city-to-80-million-tons

Case 2: http://www.bloomberg.com...st-man-takes-on-lafarge


I saw a quote by a Nigerian that Dangote Cement has led to cement price decreases in all the countries they have set up except their homebase of Nigeria where they are dominant and "protected".

Tanzania comes online next year, and I predict they will slash prices to gain market share from EAC competitors (Bamburi, ARM etc) while funding expansion using their cash-cow which is a protected market (Nigeria).