• Fri. Sep 29th, 2023

Dangote Cement Shareholders approve N20 per share dividend

ByBassey Udo

Jun 15, 2022


L-R: Chairman, Dangote Cement Plc, Aliko Dangote; Group Managing Director/CEO, Dangote Cement Plc, Michel Puchercos; and Non-Executive Director, Dangote Cement Plc, Olakunle Alake at the 13th Annual General Meeting of Dangote Cement Plc, in Lagos on Tuesday.

Shareholders of Dangote Cement Plc Tuesday approved N20 per share dividend payment for the year ended December 31, 2021, saying the company’s performance during the year was impressive despite the harsh economic environment.

The approved dividend payout was 25 percent better than the N16 paid in the preceding year, reinforcing the company’s commitment to maximising shareholders’ value.

The approval for the dividend payment was given during the 13th Annual General Meeting (AGM) held in Lagos.

The shareholders also applauded the management of the company for its efforts in reducing unclaimed dividends by investors

During the year under review, Dangote Cement realised its highest profit before tax in its history of about N538.4 billion, with Group production volumes of 29.3 metric tons per annum
(MTA), up by 13.8 percent.

Also, the company reported exceptional earnings before interest, taxes, depreciation, and amortization of about N684.6 billion, up by 43.2 percent as a result of strong cost control measures adopted in its operations.

Chairman of the company, Aliko Dangote, said over the last decade, Dangote Cement recorded exponential growth across all areas.

Apart from Group volumes now at almost 30 MTA, he said the company’s output capacity tripled to 51.6 MTA, with export of cement from five countries across Africa.

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability and grit. These values are what we need to face unpredictable times in the future.

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa, while creating sustainable value for our stakeholders,” the Chairman said.

In January 2022, Dangote said the company completed the second tranche of its buy-back programme as Dangote Cement has now repurchased 0.98 percent of its outstanding shares, describing the share buy-back programme as a reflection of the Company’s “unwavering commitment to creating value and identifying opportunities to return cash to shareholders.”

“We began operations in our new 3 MTA Okpella plant in Edo state in 2021. Today, we have successfully ramped up production and have contributed to creating a new industrial hub.

“We are actively deploying our alternative fuel strategy across all countries of our operations, to optimise energy efficiency, reduce reliance on fossil fuels and ultimately reduce CO2 emission. Whilst we focused our efforts on meeting the robust demand of our local market in Nigeria, at the expense of our export markets, we still made significant progress in our cement and clinker exports.

“In 2021, we exported seven ships of clinker out of Nigeria and exported cement from five of our operations. Our vision is for West and Central Africa to be cement and clinker self-sufficient, while making the regional and continental free trade agreements a reality,” he announced.

Along with the Company’s focus on strategy, Dangote said the company made progress on the effectiveness and diversity of its Board, with the appointment of Halima Aliko-Dangote to the Board as a Non-Executive Director effective February 26, 2022.

The appointment, he said, brings the female Board representation to 27 percent, from 20 percent in 2020, in addition to the six different nationalities and five independent non-executive directors already on the Board.

He gave the assurance that the company would continue its sustainability and governance efforts, with its seven Sustainability Pillars – ‘The Dangote Way’.

The 7 Pillars include cultural, economic, institutional, financial, environmental, operational and social, provision of the appropriate framework embedded in the company’s corporate values and strategic objectives.

He said the company’s strategy in 2021 focused on energy transition, as a crucial enabler of sustainable development and climate resilience on the continent, while increasing its focus on alternative fuels in its energy mix. We are actively investing in installing mechanical multi-fuel systems that can process diverse types of wastes.”

On the Outlook for Dangote Cement in 2022, the Group Managing Director/Chief Executive Officer, Michel Puchercos said the goal is to be the partner of choice for those transforming Africa, while creating sustainable value for stakeholders remains firm and clear.

Despite operating in a challenging and fast-moving environment, the MD said Dangote Cement consistently delivered superior profitability to its shareholders, adding that the robust demand experienced across the continent despite the COVID-19 related challenges, confirmed the powerful potential of the markets.

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Media Auto Publish Powered By : XYZScripts.com