Dangote Cement Hits N18.4trn Market Cap, Overtakes MTN, BUAFOODS
Dangote Cement Plc has overtaken BUAFoods and MTN Nigeria as the most valuable listed company on the Nigerian Exchange, with its market cap hitting N18.358 trillion at the close of trading on Friday.
A massive selloff sent MTN Nigeria down to N16.819 trillion, as investors reacted negatively to the threat of licence revocation from lawmakers. The market value of BUAFoods’ 18 billion outstanding shares was flattish at N17.406 trillion.
Both companies had surpassed Dangote Cement since 2025. Latest data from the exchange showed that Dangote Cement’s share price hit a 52-week high, rising 12.16% over the last five trading sessions.
Trading data from the Nigerian Exchange (NGX) showed the share price reached an all-time high of N1088 on Friday, as 5.46 million units of the cement company, valued at N5.903 billion, were traded.
The bargain hunting lifted the market value of Dangote Cement Plc.’s 18.873 billion outstanding shares to N18.358 trillion, its highest in 12 months.
The cement company is 92.13% owned and controlled by two entities as of February 2026. The breakdown of the shareholding structure showed that Dangote Industries Limited controls 86.65% of the cement company, while Stanbic Nominees own 5.48%.
All shares other than treasury shares and shares held by Dangote Industries Limited (86.65%) and Aliko Dangote (0.17%) are considered free-float shares. As at 31 December 2025, the Company held 121,404,714 units, representing 0.72% of its own shares amounting to ₦41.4 billion.
Dangote Cement told the Nigerian Exchange that the Company’s free float is in compliance with the NGX free float requirements, as its value exceeds the N40bn threshold set by the regulator.
Stockbrokers said the cement company’s earnings performance is acting as a catalyst for a re-rating amid booming demand on the Nigerian Exchange.
Q1 2026 Earnings
Dangote Cement Plc delivered outstanding financial performance in the first quarter ended March 31, 2026, posting broad-based growth across major income metrics and significantly outpacing its Q1 2025 results.
Revenue grew by 20.45% year-on-year to ₦1.198 trillion from ₦994.7 billion. Analysts at Cowry Asset said in a note that the company’s revenue growth was achieved with disciplined cost control.
Dangote Cement’s cost of production rose by only 10.18% to ₦448.7 billion, which is well below the rate of revenue expansion, resulting in a meaningful improvement in gross margin to 62.5% from 59.1% in Q1 2025.
Gross profit consequently surged 27.56% to ₦749.3 billion from ₦587.4 billion, underscoring the strong operational leverage. The cement company’s operating performance was equally impressive.
Selling and distribution costs rose 15.55% to ₦177.5 billion, while general and administrative expenses increased 38.06% to ₦71.6 billion.
A small impairment write-back of ₦704 million, compared to a charge of ₦764 million in Q1 2025, provided a further modest tailwind.
Profit from operating activities grew 27.37% to ₦506.2 billion from ₦397.4 billion, with operating margin widening to 42.3% from 40.0%.
Dangote’s net finance costs remained essentially flat at ₦95.2 billion versus ₦96.0 billion in Q1 2025, despite a sharp 90.89% decline in finance income to ₦3.0 billion, which was offset by a 24.06% reduction in finance costs to ₦98.3 billion.
A net monetary gain of ₦10.2 billion from hyperinflationary subsidiaries provided an additional buffer, according to Cowry Asset Limited. The cement company posted 35.00% pretax profit growth to ₦421.2 billion from ₦312.0 billion, while income tax expense declined marginally by 2.59% to ₦100.1 billion.
Profit after tax surged 53.46% to ₦321.1 billion from ₦209.2 billion, and earnings per share climbed 55.74% to ₦19.14 from ₦12.29. MTN Nigeria Tumbles as Investors React to Licence Revocation Threat