Dangote Cement, a subsidiary of Dangote Group, has seen its Q3 net income rise 29 percent following radical investment projects across Africa and deeper local market penetration.

Nigeria’s largest cement producer posted a N156.1 billion ($981.7 million) figure as compared to N107.1 billion ($673.5 million) recorded last year, with share price surging 59 percent this year to close at N190 ($1.19) as at this morning.

In the past few months, the company – which operates 3 plants in Nigeria including the largest in sub-Saharan Africa – has been on an investment spree after it was given approval, in September, to begin work on an $800 million cement factory in Nepal. It also flagged off the construction of a $500 million factory in Tanzania to produce 3million metric tonnes per annum (mpta), while launching a 2.5mpta plant development in Ethiopia.

Owned by Africa’s richest man, Alhaji Aliko Dangote, the company’s rapid domestic expansion that has consolidated its position as Nigeria’s leading cement manufacturer with annual production capacity of over 19 million tonnes and a 74 percent market share, have positively impacted the firm’s earnings.

Dangote cement recently announced plans to invest $4 billion to expand its production capacity to 50 million tonnes by 2015.