Northern AfricaWealth Creators

Dangote’s Networth Up $2 Billion in January 2024

In the first 17 days of 2024, Aliko Dangote saw a significant rise in his wealth, with an increase of $2.02 billion.

According to the Bloomberg Billionaire Index, his net worth jumped from $15.08 billion at the start of the year to a remarkable $17.1 billion by January 17, 2024.

Dangote leads Dangote Industries, a Lagos-based conglomerate with significant investments in Dangote Cement, the biggest cement manufacturer in sub-Saharan Africa.

The company, which spans sectors like sugar, salt, oil, fertilizer, and packaged food, reported a revenue of $1.6 billion for the nine months ending in September 2023.

The reason for the increase in Dangote’s net worth is his significant 86% share in Dangote Cement, which is publicly traded and held both directly and through Dangote Industries.

Entities of the Dangote Group listed on the NGX have seen a total capital appreciation of approximately $2.7 billion. Dangote Cement has been a major factor in this increase, boosting its market capitalization by $2.5 billion, followed by Dangote Sugar with an increase of $221.1 million and NASCON with a rise of $36.8 million.

Dangote Cement Plc has witnessed a year-to-date appreciation of 41.5% this year when it kicked off the year with a market capitalisation of $6 billion and a share price of $0.35 (N319.90). However, its share price has risen to $0.50 (N452.5), leading to an increased market capitalization of $8.6 billion.

Despite a recent pullback in its stocks, Dangote Sugar has also seen positive trends on the NGX in 2024, with a year-to-date appreciation of 28.6%.

The sugar manufacturer began the year with a market capitalization of $779.9 million and a share price of N57.5, but its market capitalization has since increased to $994.2 million, with a share price of N73.3.

Nascon Allied companies have also seen a significant increase, with the market cap rising from $159.7 million at a share price of N54 on January 2, 2024, to $195 million at a share price of N65.95 on January 17, 2024.

Dangote’s most valuable privately held asset is a fertilizer plant capable of producing up to 2.8 million tonnes of urea annually. Its net value is based on a discounted cash flow analysis by KPMG, a valuation confirmed by external analysts.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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