Africa’s richest man Aliko Dangote’s net worth rises by $1.57 billion
Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Group, is one of the few African billionaires whose wealth has increased by more than $1 billion since the start of the year despite the impact of recent economic disruptions on the valuation of companies and financial assets.
Dangote, who is Africa’s richest man and now the world’s 67th richest man, up from 70th a few days ago, has seen his net worth increase by $1.57 billion since the start of the year as the market value of his stake in his cement business continues to rise. This is significantly greater than the $1.3-billion increase in his net worth in 2021.
Since the start of 2022, the net worth of the leading African businessman has increased from $19.1 billion on Jan. 1 to $20.7 billion at the time of writing this report, owing to an increase in the shares of Dangote Cement, a leading cement company that accounts for the majority of his fortune.
The surge in the cement behemoth’s shares, which saw Dangote’s net worth exceed $20.7 billion, can be attributed to investor reactions to the group’s impressive financial performance reported in its 2021 results.
The group reported its highest-ever revenue of N1.38 trillion ($3.31 billion) at the end of 2021, resulting in a profit increase of more than $870 million as the leading cement company benefits from a sustained increase in cement demand.
Dangote Cement’s profit increased by 33 percent from N276.06 billion ($663.5 million) in 2020 to N364.4 billion ($875.9 million), while the group’s total assets and shareholder equity increased from N2.02 trillion ($4.86 billion) and N875.95 billion ($2.1 billion), respectively, in 2020, to N2.39 trillion ($5.74 billion) and N965.37 billion ($2.32 billion).
The company’s performance prompted the board to propose a dividend payout of N340.81 billion ($819.2 million) to its shareholders, with Dangote pocketing a total of N293 billion ($704.1 million) in dividends due to his majority stake in the cement behemoth.