According to the information gathered by Shegzeblog, Dangote Cement has announced the completion of the first tranche of its share buyback program.

The first tranche of the program, which began on July 4th and ended on July 12th, saw the repurchase of 121,404,714 shares, representing 0.71% of the company's issued and paid-up capital.

The total value of the repurchased shares amounted to N41.155 billion, with an average price of N339.

With the completion of the first tranche of its share buyback program, the total number of issued and fully paid-up shares of Dangote Cement now stands at 16,752,154,537.

The program has seen a significant reduction in the total number of shares outstanding, signifying the company's commitment to enhancing shareholder value.

Moving forward, the company will continue to evaluate the market and explore opportunities to further increase shareholder value.

The company said, “The repurchased shares will be held as treasury shares and may subsequently be cancelled.”

In its 2022 financial year report, the company generated revenues of N1.62tn for the year ended (FY 2021: N1.38tn) and a net profit of N382.31bn (FY 2021: N364.44bn).