Dangote Cement Uses Just 24 Hours to Record N332 Billion Business Value, with Prospect for Further Growth

On Wednesday, November 3, 2022, Dangote Cement closed the trading session at N240.00 per share and N4.089 trillion in market capitalization. Dangote’s share rose 8.84% the previous day to close at 240 naira per share from 220.5 naira.

These numbers helped push the Nigerian Stock Exchange’s All-Share Index (NGX) to close strong. This rise in share value is attributed to the recent growth of Dangote Cement.

Wednesday’s new stock figures were up from the previous day’s figures which stood at 220.50 naira per share and 3.757 trillion naira in market capitalization, demonstrating a significant increase in the value of the shares as it gained 332 billion naira or 8.84%.

On Monday, November 1, Dangote Cement recorded growth of 6.2% in the third quarter of 2022. The company saw an increase in the volume of cement it sold by 6.2% t, recording 20.8 metric tons of sales. The company also praised the use of alternative fuel sources as a cost-effective means of production. Read the story here.

Reports show that the company spent a significant sum of N263.157 billion on fuel and electricity from the start of the year to September. This represents an increase of 44.31% from the 182.355 billion naira recorded during the previous year period.

However, the use of alternative fuel sources according to Dangote Cements CEO Michel Puchercos.

He stated, “So far this year, we have co-processed 101,553 tons of waste, which represents a 77% increase in 2021. We are on track to commission our alternative fuel system on the lines I and V from Obajana and line II from Ibese in November. In addition, we are increasing our investments in compressed natural gas, CNG, to reduce our consumption of AGO. »

Perhaps alternative fuel sources could be the key to posting even higher revenues, effectively increasing the market shares and market capitalization of one of Africa’s largest cement producers.