Dangote hired Michel Puchercos from Larfarge to keep in-house a man who seems to be the best talent in the cement industry in Nigeria. Michel had performed wonders in Lafarge, transforming the company in many ways, and positioning it to battle Dangote Cement.
“The Board of Lafarge Africa Plc hereby notifies The Nigerian Stock Exchange and the investing public of the resignation of Mr. Micheal Puchercos from the Company as the Group Managing Director/Chief Executive Officer with effect from the 17th of January 2020.
“Mr. Puchercos served the company as an Executive Director on the Board since the 1st of April 2016. During his tenure as the GMD/CEO, he implemented a successful turnaround plan for the business addressing the legal, financial and management structure of the company, Health & Safety improvements and the implementation of new operating processes.
“We wish him the best in his future endeavors.”
Market data reported to the Nigerian Stock Exchange seems to show that he is going to continue the streak, albeit in a new company: Dangote Cement grew 40% during one of the most challenging periods in the construction sector when lockdowns froze the sector.
“I am delighted to report that Dangote Cement experienced its strongest quarter in terms of EBITDA and strongest third quarter in term of volumes. Despite a challenging environment, Group volumes for the nine months were up 6.6% and Group EBITDA was up 17.1%, at a 46.6% margin.”
“This quarter has really shown the ability of Dangote Cement to meet the strong recovery of the cement market in Nigeria and Pan-Africa after a challenging Q2. In Nigeria, we have witnessed a strong appetite for real estate investment and the recovery of infrastructure spending – including more concrete roads.
“Sales volumes in Nigeria were up 40% in the quarter and Pan-Africa reached a record high EBITDA margin of 24% in the quarter. In the quarter, our Group net profit was up 135.1%,” he said.
Find ways to build the best team: nothing else matters than having the right person to manage all your factors of production. This man is a real Mr. Cement and he is rocking it in Nigeria. Yes, in the Forum a few months ago, I noted how he grew profits 1,284% in Lafarge while reducing CEO compensation by 10%!
Click to join Tekedia Capital and build Next Africa with min of $10,000 co-investment in startups.