Dangote Cement: Plans To Increase 50% Shareholder Dividends Amid Rising Cement Prices

Dangote Cement Plans To Increase 50% Shareholder Dividends Amid Rising Cement Prices

Dangote Cement Plc has announced its proposal to boost its dividend payout to shareholders by 50%, reaching N30 per share, amidst the escalating prices of cement…..READ ALSO Otedola’s Bold Move: Acquires Stake In Dangote Cement Amid Record N9 Trillion Market Capital

The company revealed that this proposed dividend hike is subject to approval at the upcoming Annual General Meeting (AGM) of shareholders.

According to the disclosure made by the company, dividends will be disbursed electronically to shareholders whose names are listed in the Register of Members as of April 15, 2024, and who have completed the e-dividend registration process.

The financial results released by the Nigeria Exchange Limited (NGX) indicated a significant improvement in Dangote Cement’s performance metrics. The company recorded a 36.4% increase in group revenue, reaching N2,208.1 billion, while Profit after tax (PAT) surged by 19.2% to N455.6 billion. Earnings per share also saw a notable rise of 18.8% to N26.47.

Arvind Pathak, the Group Managing Director of Dangote Cement, attributed the positive full-year performance to the company’s robust diversification strategy across Africa and its efforts to manage costs amid rapidly rising inflation.

Pathak stated, “Despite challenging economic conditions, 2023 demonstrated the effectiveness of our diversification strategy. Our diversified operations provided resilience against country-specific risks, with Pan-African volumes increasing by 12.7% and accounting for 41.2% of Group volume.”

This announcement comes at a time when the retail price of cement has seen a significant increase, rising from N5,000 per bag in December 2023 to N6,500 in various parts of the country.