Dangote Cement increases dividend by 50%, to N30 per share
Dangote Cement, Plc has proposed an increase in dividend payout to its shareholders, by 50% to N30 per share for the year ended December 31, 2023.
The proposed increase in dividend is subject to ratification by the shareholders at its forthcoming Annual General Meeting, 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.
A breakdown of the results released by the Nigeria Exchange Limited, NGX showed that Africa’s largest cement manufacturer recorded improvement in all performance measurement indicators with group revenue rising by 36.4 percent to N2,208.1 billion while Profit after tax (PAT) was up by 19.2 percent to N455.6 billion. Earnings per share went up by 18.8 percent at N26.47.
Dangote Cement is garnering more market share across the continent with pan-Africa volumes going up by 12.7 percent to 11.3Mt.
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 N2,208.1 billion, while Group EBITDA reached a record high, increasing 25.1 percent to N886.0 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 percent and now account for 41.2 percent of Group volume.
Consequently, pan-African revenue increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion.”
