Aliko Dangote
[BBC news]
The
cement mogul, and Africa's richest man, Aliko Dangote has scored yet another
first. This time, he has been named Africa's first $20 billion man, thus
becoming one of the top 25 richest men in the world.
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Dangote,
the President/Chief Executive of the pan-African conglomerate, the Dangote
Group, has become the first African entrepreneur to lay claim to a $20 billion
fortune, as the stock value of the flagship of his holding, Dangote Cement,
leaped just about three-fourths since March, when Forbes last released its
annual ranking of the world's richest people.
With
a current market cap of $20.5 billion, Dangote Cement becomes the first
Nigerian company to achieve a market capitalization of over $20 billion.
The
world renowned business and financial intelligence news magazine, the Forbes,
has reported that Dangote's 93 per cent stake in the cement company is now
worth $19.5 billion, according to Forbes in its release on June 1. In addition
to his controlling stakes in other publicly-listed companies like Dangote Sugar
and National Salt Company of Nigeria and his significant shareholdings in other
blue-chips like Zenith Bank, UBA Group and Dangote Flour; his extensive real
estate portfolio, jets, yachts and current cash position, which includes more
than $300 million in recently awarded Dangote Cement, Dangote is now worth more
than $20 billion.
The
Forbes reported that the Nigerian billionaire is now among the top 25 richest
people in the world. With his fortune, Dangote is richer than Russia's richest
man, Alisher Usmanov, richer than India's Lakshmi Mittal and running neck and
neck with India's Mukesh Ambani. He is catching up with such Americans as
Google's billionaire founders Larry Page and Sergey Brin.
The
Dangote Cement had recorded an unprecedented surge in its share price largely
due to market response to the company's impressive results in the first quarter
of this year.
The
cement manufacturer's unaudited results for the three months ending March 31
had showed that the company's pre-tax profit rose to $339 million, representing
an 80.6% increase from last year and a strong indicator of the company's future
earning potential. The results also indicate a 79.5 % rise in its earnings per
share over the corresponding period last year.
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