Aliko Dangote, Africa’s richest man and president of
Dangote group, has recorded a $1.1 billion increase in
fortune over the last six days.
The increase in Dangote’s fortune is due to the rally
currently being recorded at the Nigerian Stock
Exchange (NSE) over the week.
TheCable understands that NSE has gained N1.06
trillion in June alone, and about 30 percent of that has
gone to Dangote Cement.
Dangote, who owns a 91 percent stake in Dangote
Cement, the largest company traded on the stock
exchange, saw his fortune rise from $10 billion on
May 30, 2017 to $11.1 billion as at the close of
trading on Monday, June 5, 2017.
Within these days, Dangote Cement stock price has
improved from N167.10 on May 30, to a 52-week high
of N210 per share on Monday.
According to Bloomberg Billionaire Index , Dangote
stands at the 123rd spot on the global billionaire
ranking, and the richest man in Africa.
Dangote Cement is currently worth about
N3,578,506,555,050 on the Nigerian bourse — about
one third of the entire exchange.
Dangote, while unveiling the financial position of the
company for 2016, said the cement company saw its
revenue jump by 25.1 percent to clock N615 billion —
in a recession.
“Looking back at the 2016 financial year, I am pleased
to report that our cement sales volumes increased by
25.0 per cent to nearly 23.6Mt. Of this, almost 14.8Mt
was sold in the Nigerian market,” Dangote had said.
“Revenues increased by 25.1 per cent to ₦615.1B, of
which 68.3 per cent was generated in Nigeria
(excluding eliminations) and 31.7 per cent from Pan-
African operations. Our earnings before interest,
depreciation and amortisation (EBITDA) decreased
only slightly, to ₦257.2 billion, with Pan-African
operations contributing ₦26.5 billion, excluding central
costs.”
TheCable
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