Dangote Cement Completes N9.769 Billion Tranche I Share Buyback

Dangote Cement Plc (DCP) has completed the first tranche (Tranche I) of its share buyback programme that was announced on December 21, 2020.

In a statement signed by the Company’s Deputy Company Secretary, Edward Imoedemhe, the share buyback programme commenced on Wednesday, December 30, 2020 and ended on Thursday 31, December 2020.

A total share of 40,200,000 valued at N9,769,478,307.80 was acquired at an average price of N243.0218 per share.

The total acquisition represents 0.24 percent of Dangote Cement’s issued and fully paid ordinary shares.

The statement read in part, “Following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of DCP amounts to 17,000,307,404. Execution of this Tranche I did not have any material impact on the Company’s financial position.

“The Company will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the Share Buy-Back Programme.”

Dangote Cement realised  N761.44 billion revenue in the nine months ended 30 September 2020, up from N679.79 billion achieved in the same period of 2019.

The company posted a net profit of N208.69 billion during the same period. Also, more than N154.35 billion achieved during the same period of 2019.