Shareholders excited over Dangote Cement N272.6bn dividend payout

Shareholders of Dangote Cement Plc have commended the total dividend of N272.6 billion recommended by the company for the financial year ended Dec. 31, 2020.

The shareholders, however, unanimously at the 12th Annual General Meeting (AGM) held virtually approved the dividend which translated to N16 per share.

Speaking on behalf of shareholders, the founder of, Independent Shareholders Association of Nigeria, Mr Sunny Nwosu, commended the company for attaining a trillion-naira revenue growth.

Nwosu appealed to the company to prevail on its numerous distributors who arbitrarily sell cement at very high costs as against the real factory price, thereby making so much profit for themselves and causing undue pressure on consumers.

Speaking to the shareholders, the Chairman of Dangote Cement, Alhaji Aliko Dangote, assured them of better returns, noting that the company was doing everything possible to create wealth for its shareholders and other stakeholders.

Dangote further said despite the challenging year occasioned by the COVID-19 pandemic, 2020 was a record year for the company across the board

He said the board maintained the 2019 dividend of N16 per share, reinforcing its commitment to maximising shareholders value.

“Dangote Cement hit the N1trillion mark in terms of revenue. Group revenues were up 16 per cent compared to 2019. We record group cement sales of 25.7 million tonnes (Mt) and revenues of N1.034 trillion. Most notably was our record-high EBITDA of N478.1 billion, up 20.9 per cent compared to 2019.

“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.

“We also remain focused on meeting the demand in Nigeria and as such, we increased our capacity by three MT on Obajana and we commissioned our gas-fired power plant in Tanzania.

“Our Nigerian domestic operations sold 15.6Mt, up 14.3 per cent year-on-year, growing ahead of the market.

“This strong volume growth was enhanced by our successful innovative national consumer promotion ‘Bag of Goodies- Season 2’, lower rains in the third quarter compared to the previous year and the low-interest-rate environment driving strong demand for real estate assets and supporting the construction sector.”Shareholders of Dangote Cement Plc have commended the total dividend of N272.6 billion recommended by the company for the financial year ended Dec. 31, 2020.