The management of Dangote Cement Plc is proposing dividend payout of N30 per share to the shareholders of the company for the trading year that ended December 31, 2023.
The management confirmed the increased dividend payouts in a statement obtained by Vital News on Friday.
It said the proposed dividend was in line with the promise of Chairman of Dangote Cement Plc, Aliko Dangote at the company’s 2022 Annual General Meeting (AGM).
The statement said Dangote promised the shareholders enhanced return on Investments during the 2022 AGM.
It said the proposed dividend payout represents 50 per cent on what was paud to the shareholders in 2022.
” The proposed increase in dividend is subject to ratification by the shareholders at the forthcoming AGM.
” Proposing a dividend of N30 per share at a period when many firms are declaring losses is an indication of the resilience of Dangote Cement and the prospects it holds for investors,” the statement said
A breakdown of the results indicated that Africa’s largest cement manufacturer recorded improvement in all performance measurement indicators with group revenue rising by 36.4 per cent to ₦2,208.1 billion while Profit After Tax (PAT) was up by 19.2 per cent to ₦455.6 billion.
Earnings per share went up by 18.8 per cent at ₦26.47.
Dangote Cement is garnering more market share across the continent with pan-Africa volumes going up by 12.7 per cent to 11.3Mt.
The Group Managing Director, Dangote Cement, Arvind Pathak speaking on the results said : “This positive full-year outcome is a combination of the strength in the diversity of our operations across Africa and our sustained drive to contain cost amidst an accelerating inflationary environment.
“The Group achieved double-digit growth in revenue at ₦2,208.1 billion, while Group EBITDA reached a record high, increasing 25.1 percent to ₦886.0 billion.
“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 per cent and now account for 41.2 per cent of Group volume.
“Consequently, pan-African revenue increased by a record 123.2 per cent to ₦925.9 billion, while EBITDA surged by over four-fold to ₦263.7 billion.
“In response to the heightened inflationary environment, we implemented new and innovative business strategies that helped to drive up revenues, contain costs, and protect margins.
“These initiatives included fuel mix optimisation, propelling the use of alternative fuels to replace more expensive fossil fuels.
“We also began the phased transition from diesel power trucks to full Compressed Natural Gas (CNG) trucks.
” Looking ahead, following the commissioning of our 0.45Mta grinding plant in Takoradi, we are focusing on our “export to import” strategy in West and Central Africa, while concurrently optimising assets in Eastern Africa.
“Our strategy remains centered on enhancing our value proposition through the production of high-quality cement and delivering sustainable value to our stakeholders.”
(vitalnewsngr.com)