• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    …a USD 54 Million note to be sold as an amount of a $200 million Green Bond program Corporation Zambia to issue its First Green Bond at the end of 2023
    Tanzania Exhorted the Private Sector to invest in Local Manufacturers to enable the Production of Fish Feed and Fingerlings to bridge the Market Fissures
    South Africa’s Automotive Industry is plausible to produce its First Electric Vehicle (EV) in 2026
    Kenya hovered to Privatize 35 State Companies after Enacting a Law last month to guide the Operation Kenya’s President disclose
    Kenya and Zambian Travel agents inscribed a Strategic Partnership Deal to enhance the Travel Industry
    Uganda in alliance with development partners unveiled the planet GOLD Uganda Project
    EXIM Bank to the Ministry of Food and Agriculture (MoFA) towards the National Farmers’ Day celebrations
    East African Community (EAC) to Develop Health Data Governance to Foster Digital Transformation of the Health Sector in East Africa
    $2.2 Billion being committed by Sun Africa and its Partners for Power Infrastructure in Nigeria
    Cameroon braces up to Accelerate Mining activities The President of Cameroon’s National Assembly disclosed

    Africa’s Richest Man, Aliko Dangote Gains $700 Million, A Significant Increase in His Net Worth- Report

    Posted On 09 Nov 2022
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Photo Credit: Pulse

    NEW AFRICA BUSINESS NEWS (NABN) Accra Ghana- At the end of the first week of November, Aliko Dangote, the richest man in Africa, saw a significant increase in his net worth as shares of his flagship company, Dangote Cement Plc, rose by double digits, staging a recovery from its fall in October.

    According to the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, Dangote’s net worth has increased by $700 million in the last week, rising from $17.6 billion on November 1 to $18.3 billion on November 7.

    The significant uptick in his net worth above $18.3 billion can be attributed to the performance of his 86 percent stake in publicly traded Dangote Cement, as the share price of the leading cement company recovered strongly after falling to a one-year low near the end of October.

    The $700-million bump in his wealth figures was fueled by an 8.8 percent increase in the company’s share price on the Nigerian Exchange from N220.5 ($0.502) on November 1 to N240 ($0.546) at the time of writing this report, as investors on the local bourse renewed buying interest in the company’s shares, which continue to trade below their fair value.

    According to Simply Wall St, a Sydney-based research firm, the company’s shares are trading below analysts’ calculated fair price-to-earnings ratio, a financial ratio that compares a company’s valuation to earnings and tells investors how much a company is worth.

    The Australian company also revealed that the cement maker’s earnings are expected to grow by 18.83 percent per year and that analysts are unanimous in their prediction that the company’s stock price will rise by 38.8 percent in the short to medium.

    Leaving aside these estimates, Dangote Cement is struggling to outperform last year’s financial results, with profits falling by double digits at the end of the first nine months of its current fiscal year due to lower demand and rising energy costs.

    The group’s earnings dropped by 23.4 percent to N213.1 billion ($486.5 million) at the end of the first nine months of its 2022 fiscal year, from N278.25 billion ($635.2 million) the previous year, according to figures contained in the group’s recently published financial statement, as rising energy and distribution costs ate into its earnings.

    In light of the drop in earnings, the billionaire businessman, who is not only Nigeria’s richest man but also Africa’s richest billionaire, may receive a lower dividend next year than the N293 billion ($704.1 million) he received this year.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

     

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Digital Rights and Inclusion Forum to be Held in Kenya

    Next Story

    The Administration of Uganda ratified a 120MW Solar Photovoltaic (PV)Technology Treaty with TotalEnergies

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    …a USD 54 Million note to be sold as an amount of a $200 million Green Bond program Corporation Zambia to issue its First Green Bond at the end of 2023

    Posted On 09 Dec 2023

    Tanzania Exhorted the Private Sector to invest in Local Manufacturers to enable the Production of Fish Feed and Fingerlings to bridge the Market Fissures

    Posted On 08 Dec 2023

    South Africa’s Automotive Industry is plausible to produce its First Electric Vehicle (EV) in 2026

    Posted On 07 Dec 2023

    New Africa Business News, Africa Leader of the Year 2022-2023 Goes to Ethiopia's Prime Minister Dr. Abiy Ahmed

    Posted On 24 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2023

    Facebook

    Latest Posts

    …a USD 54 Million note to be sold as an amount of a $200 million Green Bond program Corporation Zambia to issue its First Green Bond at the end of 2023

    Tanzania Exhorted the Private Sector to invest in Local Manufacturers to enable the Production of Fish Feed and Fingerlings to bridge the Market Fissures

    South Africa’s Automotive Industry is plausible to produce its First Electric Vehicle (EV) in 2026

    Recent Posts

    • …a USD 54 Million note to be sold as an amount of a $200 million Green Bond program Corporation Zambia to issue its First Green Bond at the end of 2023
    • Tanzania Exhorted the Private Sector to invest in Local Manufacturers to enable the Production of Fish Feed and Fingerlings to bridge the Market Fissures
    • South Africa’s Automotive Industry is plausible to produce its First Electric Vehicle (EV) in 2026
    • Kenya hovered to Privatize 35 State Companies after Enacting a Law last month to guide the Operation Kenya’s President disclose
    • Kenya and Zambian Travel agents inscribed a Strategic Partnership Deal to enhance the Travel Industry

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.