Dangote Cement Shares Rise 3.6%

Shares of Dangote cement rose 3.6% today in the Nigerian Stock Market, resulting in an N133 billion gain in market value for the company.

Investors are hopeful the dividends will rise above the N16 per share gotten last year ahead of the meeting with the board of directors which is scheduled to hold on Thursday. 

A financial report is expected 18 hours after the meeting.

The rise in prices of shares in the market to N228 per share takes the total market capitalization of the company from N3.749 trillion to N3.882 trillion.  Due to the company's impressive performance in 2020, it is expected that its revenues hit the N1 trillion mark this year, making it the second company to ever achieve this feat. The first to do so was MTN.

Dangote Cement plant, with a capacity of 10.3 million tonnes annually is the largest cement plant in Africa. Operating in 10 African countries, including South Africa and Senegal, it rakes in revenues of over $2.3 billion annually. It has been the biggest company on the Nigerian Stock Exchange ever since it listed its shares in October 2020.