Dangote Cement Plc achieved a historic milestone by gaining 9.99% in shares, closing at N592.60 and attaining a market cap of N10.095 trillion.
In 2024, the company’s exceptional performance includes a 85.2% year-to-date return, moving from N319.9 to N592.6. Notably, it recorded a capital gain of N4.644 trillion, marking an impressive rise from N5.451 trillion to N10.095 trillion as of January 22, 2024.
At the close of 2023, Dangote Cement ranked third in market capitalization on the NGX, trailing Airtel Africa and MTN Nigeria. However, it surpassed them, with Airtel Africa and MTN Nigeria having market caps of N7.52 trillion and N6.07 trillion as of January 22, 2024.
With a market cap of N10.095 trillion ($11.19 billion at an exchange rate of N902.45/$), Dangote Cement now stands among the largest companies in Africa.
Notably, it is the sole Nigerian company in the top ten, with the others being South African firms. According to Nairametrics, Dangote Cement Plc is the fifth-largest company in Africa based on market cap, trailing Capitec Bank with a market cap of $12.4 billion.