Dangote Cement’s Profit More Than Doubles, Own Shares Worth N86.6bn

Dangote Cement simulated ₦617.01 ▲0.45% posted a net profit of  N98.95 billion for the third quarter of this year, up from N40.99 billion in the same period in 2022.

Africa’s biggest cement producer saw its revenue rise to N563.77 billion from N369.22 billion, according to its unaudited financial statements released on Thursday.

In July, the company embarked on an additional share buy-back programme, buying back 121,404,714 units of its shares at a total cost of N41.2 billion. 

As at 30 September 2023, the company held 288,352,867 units, representing 1.69 percent of its own shares for which it had paid for and valued at ₦86.6 billion, up from N45.2 billion in December last year.