Dangote Cement buys back 40.2 million shares for N9.77bn

Dangote Cement Plc has bought back 40.2 million of its shares for N9.77 billion at an average price of N243.0218.

The company, Africa’s biggest cement producer, announced on Monday the completion of the first tranche of its share buy-back programme, which was announced on December 21, 2020.

The total number of shares repurchased represents 0.24 percent of the company’s issued and fully paid ordinary shares, according to a statement by its Deputy Company Secretary, Edward Imoedemhe.

DCP, the biggest listed company on the Nigerian Stock Exchange, said the share repurchase commenced on Dec. 30 and was completed on Dec. 31 in the open market on the NSE.

It said, “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.”

The company generated revenues of N761.44 billion in the nine-month period ended September 30, 2020, up from N679.79 billion in the same period of 2019. It recorded a net profit of N208.69 billion, compared to N154.35 billion in 2019.