Dangote Cement has surpassed Airtel Africa and 11 other companies to become the most capitalized stock on the Nigerian Exchange Limited (NGX), with a market capitalization of N8.16 trillion in November 2024. This rise in demand for the stock comes amid economic reforms introduced by Nigeria’s new administration under President Bola Tinubu. The company now leads Airtel Africa (N8.11 trillion), BUA Foods (N7.11 trillion), and MTN Nigeria (N3.57 trillion) in market capitalization.
The stock’s performance in 2024 has been impressive, with its price appreciating nearly 50%, closing November at N478.80 per share from N319.90 per share at the beginning of the year. This growth reflects investor confidence, fueled by the liberalization of foreign exchange policies and the removal of fuel subsidies, which have made Nigerian stocks more attractive. The market capitalization of Dangote Cement now accounts for approximately 13.8% of the total market capitalization of all listed companies on the NGX.
Despite the impressive revenue growth of 69.5% in the first nine months of 2024, Dangote Cement saw only a marginal increase in profit due to rising production and finance costs. The company’s profit before tax reached N406.38 billion, slightly up from N404.89 billion in 2023. This highlights the pressure on the cement giant despite its top position in market capitalization. Other top trillionaire companies on the NGX include BUA Cement, Seplat Energy, and Zenith Bank.
