Dangote cement completes first tranche of share buyback

<p>Dangote Cement has completed the first tranche of its share buyback programme announced in early July.</p>, <p>In a corporate notice filed on the Nigerian Exchange Limited on Thursday, Dangote Cement said the first tranche commenced on Monday and was completed on Tuesday via the open market on NGX.</p>, <p>The total number of shares repurchased was 121,404,714 representing 0.71 per cent of the company’s issued and fully paid ordinary shares.</p>, <p>The value of the repurchased shares was N41.155bn at an average price of N339.</p>, <p>Following the conclusion of tranche I, the total number of issued and fully paid outstanding shares of Dangote Cement amounts to 16,752,154,537.</p>, <p>The company said, “The repurchased shares will be held as treasury shares and may subsequently be cancelled.”</p>, <p>In its 2022 financial year report, the company generated revenues of N1.62tn for the year ended (FY 2021: N1.38tn) and a net profit of N382.31bn (FY 2021: N364.44bn).</p>, <p>Dangote Cement operates in over 10 African countries.</p>