Dangote Cement Plc Has 4.63% Free Float on NGX– Result
Dangote Cement Plc has 4.63% of its 17.040 billion available for trading on the Nigerian Exchange, the company said in its latest earnings release.
Ranked as the number one among major movers on the Exchange, Dangote Cement Plc is primarily owned and controlled by two influential entities in the market, with thin trading.
In its earnings release, Dangote Cement Plc said its issue share capital was 16.752 billion. The company had repurchased its share from the Nigerian Exchange amidst effort to stem price volatility.
This mission was successfully achieved, keeping its share price uptrend until lately, when minority shareholders reacted by selling down their interest.
Last week, minority shareholders of the company sold down their interest in the cement company just after the earnings release.
The top member of cement oligarchy saw net profit climb by 6.27% over 12 months, a development supported by increased sales revenue.
However, a deep dive into the cement company’s number showed that its net profit margin slumped by 8% over the period.
Minority interest share of profit plunge while share of profit attributable to the parent company, Dangote Industries Limited, grew.
Dangote Industries Limited (87.28%) and Stanbic IBTC Nominees (5.59%) own combined 92.87% of the cement company in the first half of 2024.
Aliko Dangote, the group chairman, and other directors still have additional interest totaling 2.50% in the cement company. Brazil Expels one Swimmer, Warns another After They Left Athletes’ Village
