Dangote Cement earns N1tr, pays N273bn dividend
Unanimously, the shareholders approved N272.6 billion as dividend, translating to N16 per share for last financial year.
Dangote Cement
Chairman of Dangote Cement Plc, Aliko Dangote, has said the company sold 25.7 million metric tonnes (MT) of cement and recorded N1.034 trillion revenue in 2020.
Speaking at the virtual 12th Annual General Meeting (AGM) of the company held in Lagos Wednesday, Dangote said the company’s revenue rose by 16 percent in 2020.
“Dangote Cement hit the N1 trillion mark in terms of revenue. Group revenues were up 16 percent compared to 2019. We record Group cement sales of 25.7m tonnes (MT) and revenues of N1.034 trillion. Most notably was our record high EBITDA of N478.1 billion, up 20.9% compared to 2019,” he said.
Unanimously, the shareholders approved N272.6 billion as dividend, translating to N16 per share for last financial year.
The 16% increase in the company’s revenue led to a 36% increase in its earnings per share of N16.14 as against N11.29 in 2019.
The chairman also said despite the challenging year due to the COVID-19 pandemic, 2020 was a record year for the Group.
“In 2020, we commissioned our Apapa and Onne export terminals in Nigeria and commenced clinker exports to West and Central Africa. The vision for our exporter strategy is to make West and Central Africa cement and clinker self-sufficient, with Nigeria as the main supplier and exporter.”
It also increased its capacity by three metric tonnes on Obajana and we commissioned its gas-fired power plant in Tanzania even as its Nigerian domestic operations sold 15.6MT, up 14.3%, he disclosed.
Group Managing Director/CEO of Dangote Cement Plc, Michel Puchercos, said Dangote Cement is constantly exploring ways of creating value for its shareholders, in addition to its consistent dividend and capital appreciation.
“The outlook for the company is very positive as we are focused on meeting the demand locally and across Africa. We look forward to the African Continental Free Trade Agreement supporting our export strategy to West and Central Africa,” he said.
Meanwhile, shareholders of Dangote Cement Plc commended the management for the full disclosure provided for the year, share buyback process and the various donations made during the peak of the COVID-19 pandemic.
The founder, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, also appealed to the Company to prevail on its numerous distributors who arbitrarily sell cement at very high costs as against the real factory price.
A shareholder, Non Awoh, urged the board to consider payment of dividend twice a year.