Dangote Group has raked in $1.1 billion in six days making the owner and president of the Dangote Group, Aliko Dangote, Africa’s richest man to increase in fortune financially.
The rally recorded at the Nigerian Stock Exchange (NSE) over the week made it possible for Dangote’s wealth to experience such astronomical rise with such a short period.
Of the N1.6 trillion that the NSE gained in June alone about 30 per cent went to Dangote Cement.
Aliko owns a 91 per cent stake in Dangote Cement, the largest company traded on the stock exchange, which saw his fortune rise from $10 billion on May 30, 2017 to $11.1 billion at the close of trading business on Monday, June 5, 2017.
During the period under review, Dangote Cement stock price rose from N167.10 on May 30 to N210 per share on Monday, a 52-week high rise.
Bloomberg Billionaire Index said 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.”