The nation’s most capitalized stock, Dangote Cement Plc, has recorded a 9.99% decline at the Nigerian Exchange (NGX), making in a N1.12 trillion loss in its market value.
Its owner, Aliko Dangote, Africa’s richest man, has been have a running battle with elements of the Nigerian government over supply of crude to his massive petroleum refinery.
Dangote’s decline this week affected the NGX, which recorded a 1.94 percent decline, with the All-Share Index closing at 98,201.49 points.
This marks the exchange’s lowest All-Share Index since May 27.
Dangote Cement recorded a profit-after-tax of N112.7 billion in its first quarter (Q1) operations for the year 2024, according to its unaudited financial statement for Q1 2024.
According to the firm, the cement volume of its Nigerian business also rose by 26.1 percent to 4.6 metric tonnes (MT) in the first three months of the year.
The company said it also recorded a group revenue of N817.4 billion.
“Earnings per share closed the quarter at N6.68 representing an increase of 3.7 percent,” the statement reads.
Arvind Pathak, Chief Executive Officer (CEO) of Dangote Cement, said its Nigerian operations volume increased in the quarter due to a rise in economic activities.
“Similarly, our pan-Africa operations continued an upward trajectory, with volumes up 3.1 percent to 2.7Mt, buoyed by increased sales in Zambia and Congo,” he said.
“Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively.
“Group revenue more than doubled to ₦817.4 billion, while Group EBITDA rose 66.6 percent to ₦309.5 billion. Profit After Tax was up 2.9 percent at ₦112.7 billion.”
