Stock Exchange Rally: Dangote makes $1.1bn in six days

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.”