Dangote Cement PLC has unveiled plans to boost its dividend payout to shareholders by 50%, raising it to N30 per share. This announcement, disclosed by the company, is subject to shareholders’ approval at their upcoming Annual General Meeting (AGM).
According to the company’s statement, dividends will be electronically disbursed to shareholders whose names appear in the Register of Members as of April 15, 2024, provided they have completed the e-dividend registration and mandated the Registrar to transfer their dividends directly into their bank accounts by April 29, 2024.
The company’s financial performance, outlined in results released by the Nigeria Exchange Limited (NGX), demonstrated significant improvements across all key metrics. Africa’s largest cement manufacturer 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 rose by 18.8% to N26.47.
Arvind Pathak, the Group Managing Director of Dangote Cement, attributed the robust full-year performance to the company’s strategic diversification of operations across Africa and its effective cost management amidst rising inflation. He emphasized the resilience provided by the company’s diversified operations, with Pan-African volumes increasing by 12.7% and accounting for 41.2% of Group volume.
The announcement of the dividend increase coincides with a hike in cement prices across the country. Retail prices, which stood at N5,000 per bag in December 2023, have surged to N6,500 in various regions, reflecting market dynamics.
