The successful business of Africa’s largest cement maker,
Dangote Cement Plc in 2017 enabled the company to pay a dividend of about N180 billion to its shareholders, the largest payment since this year’s annual general meetings season.
The dividend paid is 90% of the group’s profit and represents N10.5 per share; it is a remarkable increase, being 23.5% compared N8.5kobo per share the company paid in the 2016 financial year. The board of directors got approval of shareholders to pay the dividend at 9th AGM in Lagos on Wednesday June 20, 2018.
Despite the low volumes, the group increased revenue by 31% to N805.6billion from N615.103billion in 2016. Gross profit increased to N454.29billion from N291.28billion in 2016. Profit from operating activities increased to N304.208billion from N182.493billion, profit before tax also increased to NN289.59billion from N180.929billion, while profit for the year increased to N204.248billion from N142.858billion in 2016.
“Our large capacity, financial strength, vertical integration and prudent management have enabled us to enter markets, gain share and withstand competitive and pricing pressures that have wrought more damage on the smaller, less well-funded manufacturers who initiated them,” Aliko Dangote, chairman, Dangote Cement Plc said.
Dangote Cement Plc is currently the largest listed entity on the Nigerian Exchange with shares outstanding of 17.040billion units and market capitalisation of N4.072trillion, representing about 30% of the entire equities market capitalisation. Dangote Cement Plc share is currently priced at N239. It had reached a 52-week high of N290 from a 52-week low of N194.75.
The shareholders who spoke at the yearly general meeting, also commended the management for the performance and efficient running of the company, amid harsh economic environment.