Dangote Cement maintains top status on the Nigerian Exchange with $5.26 billion market cap

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At a Glance

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• Dangote Cement Plc solidifies its position as the most valuable company on the Nigerian Exchange (NGX) with a market capitalization of $5.26 billion.
• The company’s share price surged 49.67% in 2024, climbing from N319.90 ($0.206) to N478.68 ($0.309) by year-end, despite macroeconomic challenges.
• Revenue rose 69% year-over-year to N2.56 trillion ($1.56 billion) in the first nine months of 2024, driven by pan-African expansion and robust domestic performance.

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Dangote Cement Plc, majority-owned by Africa’s richest man, Aliko Dangote, continues leading as the most valuable Nigerian Exchange(NGX) entity.

With a market cap of N8.16 trillion ($5.26 billion), it accounts for 12.7 percent of the exchange’s total market value. Despite economic headwinds, the company’s stock gained 49.67 percent in 2024, ranking 38th in year-to-date performance.

The multinational cement giant remains pivotal to Nigeria’s industrial growth, driving infrastructure development across Africa.

Dominance on the Nigerian Exchange amid solid performance in 2024

Building on strong momentum, Sub-Saharan Africa’s largest and leading cement company reported a 69.1 percent year-on-year revenue increase for the first nine months of 2024, reaching N2.56 trillion ($1.56 billion) compared to N1.51 trillion ($919.1 million) during the same period in 2023.

Pan-African expansion drives growth

The company’s pan-African operations were a significant growth driver, bolstered by currency translation gains following a 42 percent naira devaluation against the U.S. dollar in 2024. Revenue from these markets rose from N588.24 billion ($358.1 million) to N1.093 trillion ($665.4 million). 

Nigerian operations also performed well, with revenue climbing 64 percent to N1.53 trillion ($931.4 million), supported by price adjustments in cement sales.

Cement and clinker sales volumes edged up slightly, rising from 20,288 metric tonnes to 20,674 metric tonnes year-over-year.

Profit margins resilient amid higher costs

Despite facing increased operating and finance costs, including a 74 percent rise in finance expenses to N451.2 billion ($274.7 million), Dangote Cement managed to achieve a modest profit increase. Net profit rose to N279.1 billion ($170 million), up from N277.5 billion ($168.9 million) in 2023.

Assets and retained earnings

Dangote Cement’s total assets swelled to N5.54 trillion ($3.37 billion) by September 30, 2024, up from N3.94 trillion ($2.4 billion) at the end of 2023.

The growth reflects the company’s investments in regional expansion and capacity upgrades. However, retained earnings dipped to N846.1 billion ($514.4 million) from N1.098 trillion ($667.5 million) due to dividend payouts from the 2023 fiscal year.

CEO’s commitment to growth and sustainability

Reflecting on the company’s achievements, CEO Michel Puchercos said, “Dangote Cement remains committed to fostering economic growth and industrial development in Nigeria and beyond.

Through strategic investments and sustainable practices, we continue to strengthen our position as Africa’s leading cement producer and a key driver of regional trade.”With sustained growth, strategic investments, and an unwavering commitment to excellence, Dangote Cement is poised to maintain its dominance on the NGX and across Africa’s construction industry.

Expanding Nigeria’s industrial footprint

Dangote Cement, 86 percent owned by Aliko Dangote, a cornerstone of the $28.1 billion fortune of Africa’s richest man, plays a pivotal role in driving regional trade and industrial growth.

The company has been instrumental in repositioning Nigeria from a net importer of cement to a leading exporter within Sub-Saharan Africa.

With an annual production capacity of 52 million tonnes spread across 10 countries, Dangote Cement supplies key markets such as Cameroon, Ghana, and Congo, reinforcing its stature as a regional powerhouse.

Through strategic investments and relentless expansion, the company has not only strengthened Nigeria’s industrial footprint but also contributed significantly to economic integration and infrastructure development across the continent.