Shareholders of Dangote Cement on Monday were full of praise for the Board, Management, and staff of the company after approving a dividend payout of N502.6 billion, which translates to N30 kobo per share at the 2024 Annual General Meeting, held in Lagos on Monday.
In the same vein, the company also significantly increased its social investments by 469.8 per cent to N13.2 billion. The corporate social responsibility (CSR) activities were in education, healthcare, agriculture, infrastructure, and economic empowerment.
President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, said the shareholders were pleased with Aliko Dangote and his team. He said, for the company to still pay a robust dividend despite the obvious economic challenges, which also affected their operations, shows the doggedness and fighting entrepreneurial spirit of the Management.
According to him, “We are happy with this result. 2024 was very challenging due to the fluctuations in the foreign exchange market and the company’s expansion programme. But despite all these challenges, the company was still able to pay us a very good dividend and even gave us hope of better returns on our investments in the years to come. This is very commendable, and it is only a company like Dangote Cement that can achieve this laudable feat.”
Chairperson of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, also commended the company’s consistent dividend payment, noting that the Company is moving in the best way of corporate governance. “As a shareholder and an acute investor of this company, I am very happy and pleased with the performance of our company so far. The earnings are not even up to N30 per share, and for the company to still declare N30 per share dividend speaks volumes of the quality of leadership that we are lucky to have in Dangote Cement…It should also be noted that Dangote Cement is the only manufacturing company that paid the highest dividend in the year under review. So, we are happy and very proud to be part of this company.”
Chairman of the company, Aliko Dangote, while presenting the reports to the shareholders, said the company’s strategy in every country of operation is to be the leader in cost, quality, and service. He said the company builds large, modern, highly efficient plants that combine the latest equipment from Europe, China, and beyond to enable it to make higher-quality cement at lower costs, thereby giving it strong competitive advantages.
According to him: “We achieved a N3,580.6 billion revenues, representing a 62.2 per cent year-on-year growth, driven by effective pricing strategies and strong demand recovery in key markets, particularly Nigeria. Group EBITDA reached an all-time milestone of N1,382.0 billion, crossing the N1 trillion mark for the first time.”
Dangote further revealed that the company is set to commission a 3MTA grinding plant in Cote D’Ivoire, this year, as well as a 6MTA integrated plant in Itori, Ogun State. He said another major milestone was the acquisition of 1,500 compressed Natural Gas (CNG) trucks to replace diesel-fueled vehicles, thereby contributing to both cost savings and environmental impact. Plans, according to him, are underway to double the fleet to 3,000 trucks.
