Dangote Cement Plc has announced its intention to increase its dividend payout to its shareholders by 50% to N30 per share.
According to the company’s disclosure, the proposed dividend increase is contingent upon the shareholders’ approval at their upcoming Annual General Meeting (AGM).
The company stated: “By Monday, April 29, 2024, dividends will be paid electronically to shareholders whose names appear in the Register of Members as of Monday, April 15, 2024, and who have completed the edividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.”
A breakdown of the results released by the Nigeria Exchange Limited, NGX showed that Africa’s largest cement manufacturer recorded improvement in all performance measurement indicators with group revenue rising by 36.4 percent to N2,208.1 billion while Profit after tax (PAT) was up by 19.2 percent to N455.6 billion. Earnings per share went up by 18.8 percent at N26.47.
Speaking about the results, Group Managing Director of Dangote Cement Arvind Pathak stated that the company’s strong diversification of operations throughout Africa and ongoing efforts to keep costs under control in the face of rapidly rising inflation are the main contributors to the favourable full-year performance
He added: “Despite the challenging macroeconomic conditions, 2023 was yet another testament to the effectiveness of our diversification strategy. Our diverse operations acted as a cushion, providing resilience to country-specific risks. Pan-African volumes were up 12.7% and now account for 41.2% of Group volume.”
This development is coming amidst an increment in the price of cement.
Naija News understands that the retail price which was formerly N5,000 per bag in December 2023 has escalated to N6,500 in different parts of the country.
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