Dangote cement completes first tranche of share buyback

Dangote Cement has completed the first tranche of its share buyback programme announced in early July.

In a corporate notice filed on the Nigerian Exchange Limited on Thursday, Dangote Cement said the first tranche commenced on Monday and was completed on Tuesday via the open market on NGX.

The total number of shares repurchased was 121,404,714 representing 0.71 per cent of the company’s issued and fully paid ordinary shares.

The value of the repurchased shares was N41.155bn at an average price of N339.

Following the conclusion of tranche I, the total number of issued and fully paid outstanding shares of Dangote Cement amounts to 16,752,154,537.

The company said, “The repurchased shares will be held as treasury shares and may subsequently be cancelled.”

In its 2022 financial year report, the company generated revenues of N1.62tn for the year ended (FY 2021: N1.38tn) and a net profit of N382.31bn (FY 2021: N364.44bn).

Dangote Cement operates in over 10 African countries.