For the first time since its inception, Dangote Cement Group’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) reached N1.382 trillion, crossing the N1 trillion mark, an increase of 56 per cent.
In the same vein, earnings per share also increased by 12.3 per cent to N29.74 as against 2023’s N26.47. Unanimously, the shareholders approved a dividend payout of N30 per share to all investors, totalling N502.6 billion.
Chairman of the company, Aliko Dangote, while presenting the report to the shareholders, said the company recorded a N3.58 trillion revenue, representing a 62.2 per cent year-on-year growth, and that the performance was driven by effective pricing strategies and strong demand recovery in key markets, particularly Nigeria.
The shareholders praised the board, management and staff for the dividend, noting that the decision was in the best interest of the shareholders.
In the same vein, the company also significantly increased its Corporate Social Responsibility (CSR) by 469.8 per cent to N13.2 billion. The CSR activities were in education, healthcare, agriculture, infrastructure and economic empowerment.
Commenting on the performance of the company, the President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, said the shareholders were pleased with Dangote and his team.
According to him, for the company to still pay a robust dividend despite economic challenges, which also affected its operations, shows the doggedness and fighting entrepreneurial spirit of the management.
He said: “We are happy with this result. Last year was very challenging due to the fluctuations in the foreign exchange market and the company’s expansion programme. 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 (PSAN), Mrs Bisi Bakare, also commended the company’s consistent dividend payment, noting that it was moving in the best way of corporate governance.
