Fakoyejo OlalekanThe founder of Dangote Cement, Aliko Dangote, lost a significant part of his investment in the company on Tuesday, after the share of the firm fell by -9.05% on the exchange floor.
Dangote Cement share had dip after investors dumped the company’s share amid decline in the firm’s net profit. The stock price took a nosedive to close at N241 per share, after trading hours, below the N265 it sold for on Monday.
Join our WhatsApp ChannelPrime Business Africa had reported that Dangote Cement is losing its market share to BUA Cement, owned by Abdulsamad Rabiu, as it dropped to 68.2% in H1 2022, from 71.94% in H1 last year.
This occurred as the firm’s profit after tax fell -11.3% year-on-year, to N172.10 billion, from the N191.63 billion net profit the manufacturer reported in H1 2021 – losing N19.52 billion.
Analysing Dangote Cement’s stock performance on Tuesday, Prime Business Africa learnt that Aliko Dangote lost N351.57 billion during trading, with his investment depreciating by -9.05%.
The loss saw Dangote’s investment fall from N3.88 trillion to N3.53 trillion between Monday and Tuesday. However, on Wednesday, the billionaire quickly regained his loss, as the firm’s stock appreciated at the end of trading today.
Dangote Cement’s share rebounded, as demand for the firm’s stock rose on the exchange floor, resulting to the share closing at N265, surpassing the N241 it was sold for during the previous session.
The N24 gain recorded by the share handed the businessman the exact amount he lost on Tuesday, N351.57 billion, in response, his total investment in Dangote Cement rose back to N3.88 trillion on Wednesday, from N3.53 trillion it was worth a day before.
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