Dangote Cement Declares N511 Billion Dividend for FY 2023
Shareholders of Dangote Cement Plc are set to receive a dividend payout of N511.215 billion for the financial year ended December 2023, translating to a reward of N30.00 for each share held.
The board of directors of Dangote Cement Plc, leveraging the authority vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria, has recommended a dividend of N30.00 per share for the financial year 2023. This dividend signifies a remarkable 50% increase over the N20.00 per share paid by the company in 2022.
This disclosure was made in the company’s corporate action announcement released on Monday at the Nigerian Exchange Limited (NGX) and obtained by Nairametrics. The board emphasized that the proposed dividend aligns with the company’s strategic growth objectives and represents a substantial reward for shareholders.
Subject to shareholders’ approval, the dividend will be paid to shareholders whose names appear in the register of members as at the close of business on Monday, April 15, 2024. The final approval and ratification of this dividend will be sought at the next Annual General Meeting.
The statement further indicated that dividends will be paid electronically to shareholders who have completed the e-dividend registration and mandated the registrar to deposit their dividends directly into their bank accounts. Shareholders yet to complete the e-dividend registration are encouraged to download the registrar’s E-Dividend Mandate Activation Form from the registrar’s website.
Additionally, shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar promptly.
Dangote Cement Plc reported a profit after tax of N455.58 billion for the financial year ended December 2023, marking a robust 19.7% increase year-on-year. This impressive growth in profits, despite higher interest expenses and foreign exchange losses, was primarily fueled by substantial revenue, which surged by 36% to N2.221 trillion.
The company’s Nigerian operations remained the driving force behind its impressive performance, accounting for approximately 59% of the group’s revenue, as outlined in the notes to the financial statements.
Dangote Cement concluded its last trading day (Monday, April 8, 2024) at N686.70 per share on the Nigerian Stock Exchange (NGX). The company’s share price has witnessed a remarkable appreciation, starting the year at N319.90 and recording a 115% increase in price valuation.
