Dangote’s Wealth Surges to N117 Billion in 2021 as His Cement Unit See 4.94 per cent Increase
- Aliko Dangote, Africa's richest man saw his wealth balloon to N177 billion in 2021 due mostly to the rising demand in his Cement unit
- Investors showed interest in Dangote Cement and rallied around it and saw its value go up by 4.94 per cent
- Dangote Cement is currently the most capitalized company on the Nigerian Exchange Limited and drives massive gains to Dangote
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Despite dropping to 139th place in the global billionaire table, Africa’s richest man, Aliko Dangote saw his wealth surge to a whooping N177 billion in 2021.
Nairametrics report said that investors rallied around Dangote Cement shares to see it rise by 4.94 per cent year on year.
Source: UGC
Major shareholder in Dangote Cement
Dangote is the majority shareholder in the Cement unit which stands at 14.6 billion share units which represent 27,642,637 direct holdings and 14,621,387,610 in indirect holding which is about 85.97 per cent out of the 17.04 billion total shares issued.
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By the end of last year, the owner of Dangote Cement’s total holdings was valued at N3.76 trillion, which increased from N3.59 trillion at the beginning of the year 2021.
The surge in share prices was due to buy-interests in the shares of Dangote Cement that triggered an increase in the firm’s value by 4.94 per cent for the year from N244.90 per share at the close of the market.
This boosted the firm’s market capitalization by N206.19 billion on the floor of the exchange from N4.17 trillion to N4.38 trillion at the close of trading activities on Nigeria’s stock exchange.
Dangote Cement is currently the most capitalized company on the Nigerian Exchange Limited.
How the company performed in 2021
The financial result of the company for the third quarter show that its revenue went up by 16.53 per cent while the net income for the period grew by 4.93 per cent from N82.54 billion in the third quarter of 2020 to N86.62 billion in the current period.
In addition, in the course of the year, Dangote Cement heightened its participation in Debt Capital Market which raised more than N190 billion through commercial papers and bond instruments and also was listed on FMDQ Securities in Exchange in 2021.
Closed the year at the top
Legit.ng reports that Aliko Dangote, the richest man in Africa, is on track to close the year at the richest level he has ever been since 2014 buoyed by the second straight year of gains at his cement unit.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index.
Source: Legit.ng
