Dangote Cement, in accordance with its share buyback program announced earlier in July, has successfully concluded the first tranche of the buyback process.

The company repurchased a total of 121,404,714 shares, equivalent to 0.71% of its issued and fully paid ordinary shares, at an average price of N339, amounting to N41.155 billion.

The repurchased shares will be held as treasury shares and may be canceled in the future.

After the completion of tranche I, Dangote Cement’s outstanding issued and fully paid shares stand at 16,752,154,537.

The company’s impressive financial performance for the 2022 fiscal year includes revenues of N1.62 trillion and a net profit of N382.31 billion.