Shareholders of Dangote Cement Plc on Monday lauded the Board and Management of the company for their resilience and commitment to value creation, after approving a dividend payout of N502.6 billion at the company’s 2024 Annual General Meeting (AGM) held in Lagos.
The dividend, which translates to N30 per share, was declared despite Nigeria’s volatile macroeconomic environment, foreign exchange fluctuations, and ongoing expansion efforts.
In addition to the hefty shareholder payout, Dangote Cement significantly ramped up its corporate social responsibility (CSR) investment by 469.8 per cent, spending N13.2 billion across various sectors including education, healthcare, agriculture, infrastructure, and economic empowerment.
President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, hailed the development, describing it as a testament to the entrepreneurial resilience of the company’s leadership under Aliko Dangote.
“Despite 2024 being very challenging with the volatility in the forex market and the burden of expansion, the company has rewarded shareholders impressively. This speaks volumes of the management’s capacity and commitment,” he said.
Also speaking, the Chairperson of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, described the dividend as a rare feat in Nigeria’s manufacturing sector, applauding the company’s consistency in delivering returns.
“The company’s earnings weren’t even up to N30 per share, yet it declared N30 dividend. This reflects strong governance and a leadership committed to shareholders’ interests. Dangote Cement remains the highest dividend-paying manufacturing firm in the year under review,” she noted.
In his address to shareholders, Aliko Dangote, Chairman of Dangote Cement, reaffirmed the company’s mission to maintain industry leadership in quality, cost-efficiency, and service delivery.
“We achieved a revenue of N3.58 trillion, representing a 62.2% year-on-year growth, driven by strategic pricing and strong demand, especially in Nigeria. Our EBITDA reached an all-time high of N1.38 trillion, surpassing the N1 trillion milestone for the first time in our history,” he said.
He added that the company would, this year, commission a 3 million tonnes per annum (3MTA) grinding plant in Côte d’Ivoire, and a 6MTA integrated cement plant in Itori, Ogun State, further expanding its regional footprint.
Dangote also revealed a key environmental milestone: the acquisition of 1,500 Compressed Natural Gas (CNG) trucks, as part of efforts to replace diesel-powered vehicles in its logistics fleet. He said plans are underway to double the number to 3,000 trucks, targeting long-term cost efficiency and environmental sustainability.
With its aggressive expansion, bold social impact agenda, and strong shareholder value delivery, Dangote Cement continues to cement its position as a dominant force in Africa’s industrial landscape.
'
'
'
'Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
