Africa’s richest man Aliko Dangote made a staggering $1.1bn in the last six days following the extraordinary rally of the Nigerian Stock Market.
Available information shows 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.
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 percent to nearly 23.6Mt. Of this, almost 14.8Mt was sold in the Nigerian market,” Dangote had said.
“Revenues increased by 25.1 percent to ₦615.1B, of which 68.3 percent was generated in Nigeria (excluding eliminations) and 31.7 percent 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.”
Source Thecable