Aliko Dangote And Abdulsamad Rabiu Collectively Achieved A Capital Gain of N9.6 trillion in Q1 2024
Despite Nigeria’s challenging economic conditions, including a high inflation rate of 31.70% and reduced consumer purchasing power, Africa’s richest man Aliko Dangote and Abdulsamad Rabiu CEO of BUA Group, saw significant growth in their companies.
By the end of the first quarter of 2024, BUA Foods and Dangote Cement collectively amassed nearly N10 trillion in capital gains, surpassing a combined increase of over 200%.
According to analysis from the Nigeria Stock Exchange, BUA Foods and Dangote Cement showcased resilience in navigating the challenging economic terrain.
Despite the forex crisis and persistent inflationary pressures driving up importation costs, both companies exhibited strong performance and strategic prowess, leading to substantial capital gains during the first quarter of 2024.
Aliko Dangote
- Dangote Cement Plc experienced a remarkable surge in share price, soaring by 114.7% during the first quarter of 2024. The share price escalated from N319.90 to N686.70 over the quarter.
- The group’s market capitalization experienced a staggering appreciation of N6.25 trillion, surging from N5.45 trillion to N11.70 trillion within the same period.
- Dangote Cement’s dominance in the Nigerian Stock Exchange (NGX) also witnessed a notable increase, with its market share climbing from 13.32% at the quarter’s onset to 19.79% by the end, marking a substantial uptick of 6.47% points.
Abdulsamad Rabiu
- In Q1 of 2024, BUA Foods recoreded an impressive performance on the Nigerian Stock Exchange (NGX).
- During this period, the company’s share price experienced a significant appreciation of 96.4%, surging from N193.40 to N379.90.
- Additionally, BUA Foods’ market capitalization witnessed substantial growth, increasing by N3.36 trillion. At the close of the quarter, the company’s market capitalization stood at N6.84 trillion, marking a notable rise from the N3.48 trillion recorded at the beginning of the year.
