Dangote Cement Boosts Dividend by 50%: Now at N30 per Share
Dangote Cement, Plc has suggested a 50% rise in dividend payout to shareholders, reaching N30 per share for the fiscal year concluding on December 31, 2023.
The suggested dividend increment is contingent upon approval by the shareholders during the upcoming Annual General Meeting (AGM).
Proposing a dividend of N30 per share in a period when numerous companies are reporting losses underscores the resilience of Dangote Cement and its promising outlook for investors.
A detailed analysis of the results released by the Nigeria Exchange Limited (NGX) revealed that Africa's largest cement manufacturer demonstrated improvements in all key performance indicators. The group's revenue surged by 36.4 percent to N2,208.1 billion, and Profit After Tax (PAT) experienced a 19.2 percent increase, reaching N455.6 billion. Earnings per share also rose by 18.8 percent to N26.47.
Dangote Cement continues to expand its market presence across the continent, witnessing a 12.7 percent increase in pan-Africa volumes to 11.3Mt.
Commenting on the results, Arvind Pathak, the Group Managing Director of Dangote Cement, stated, "This favorable full-year outcome is a result of the robustness in the diversity of our operations across Africa and our continuous efforts to control costs amid a rapidly accelerating inflationary environment. The Group achieved significant revenue growth at N2,208.1 billion, with Group EBITDA reaching a historic high, marking a 25.1 percent increase to N886.0 billion.
Despite the challenging macroeconomic conditions, 2023 underscored the effectiveness of our diversification strategy. Our varied operations served as a safeguard, providing resilience against country-specific risks. Pan-African volumes experienced a 12.7 percent uptick, constituting 41.2 percent of the Group's total volume.
Consequently, pan-African revenue witnessed a record 123.2 percent increase, reaching N925.9 billion, while EBITDA soared by over four-fold to N263.7 billion."
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