The Dangote Cement PLC has announced a 50 per cent increase in its final dividend to N30 per share for the year ended, December 31, 2023 following strong earnings performance for the year.
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 N2,208.1billion, while profit after tax (PAT) was up by 19.2 per cent to N455.6billion. Earnings per share went up by 18.8 per cent at N26.47.
Dangote Cement is garnering more market share across the continent, with pan-Africa volumes going up by 12.7 per cent to 11.3Mt.
In line with the promise of its chairman, Aliko Dangote at the company’s 2022 Annual General Meeting (AGM), of an enhanced return on investments to all the shareholders and other stakeholders in Dangote Cement Plc, the company’s management has proposed an increase in the dividend payout to the shareholders by 50 per cent, to N30 per share.
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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 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.”
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