Aliko Dangote Bounces Back With $400 million Single-day Surge
Africa’s richest man Aliko Dangote has experienced a significant increase in his net worth within 24 hours. The impressive wealth gain has been linked to the rebound in the shares of his flagship company, Dangote Cement.
Reports showed that Dangote witnessed a $400 million surge in his net worth, raising his net worth to $19.7 billion from $19.3 billion.
His net worth rebound comes after he suffered a $300 million loss on Tuesday due to selling pressures on the Nigerian Exchange that resulted in a decline in Dangote Cement’s share price.
The recent development has placed his year-to-date net worth gains at $1.05 billion, making him one of the few African billionaires who have experienced substantial growth in their net worth since the beginning of the year.
Dangote’s cement impressive performance
Dangote, the founder and chairman of Dangote Group, Africa’s manufacturing conglomerate will also receive a staggering dividend of $640.6 million from his cement company, Dangote Cement. This follows an outstanding performance in its fiscal year 2022.
Reports say the group recorded a 4.9 per cent increase in profits from $791 million to $830.3 million due to higher revenue. The increase was also attributed to the successful negotiation of its tax expense down to $310 million from $377.7 million the previous year.
The $640.6-million dividend will be paid directly from Dangote Cement’s retained earnings of $2.1 billion as of 31 December 2022 into Dangote’s account on 14 April 2023. Reports say the dividend is higher than the annual government expenditures of African countries such as Rwanda, Burkina Faso, and Malawi.
Nigeria’s business magnate is however in for a ride as Dangote Industries recently completed its N200bn series 1 and 2 Bonds listing on the Nigerian Exchange Limited.
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