Shareholders of Dangote Cement Plc have commended the board of the company for the dividend payout for the financial year 2018, which was increased by 52 per cent compared with the preceding year of 2017
For the year 2018, the board of the most capitalised company on the floor of Nigerian Stock Exchange (NSE), had recommended for approval, a dividend of N16 per very 50 kobo share to its shareholders, a notable increase when compared to N10.50 kobo received in 2017.
At the 10th Annual General Meeting (AGM) of the company in Lagos on Monday, shareholders unanimously approved the dividend payout amidst accolades to the board and management of the company.
The President, Association for the Advancement of the Rights of Nigerian Shareholders, Dr Faruk Umar, in his comments noted that the company had exceeded shareholders expectations with the performance recorded during the year under review especially with the dividend that was proposed to its shareholders for approval.
Also, Sir Sunny Nwosu, the founder of Independent Shareholders Association of Nigeria (ISAN), commended the quality selection of the board and management of the company which had reflected in the performance of the company, saying “we appreciate the choice of the board, that is why we want them to do more.”
The Chairman of Dangote Cement, Aliko Dangote earlier in his statement noted that the year 2018 was the company’s most successful year ever with 7.4 per cent growth in cement sales to 23.5 million tonnes and 11.9 per cent growth in revenues to N901.2 billion with EBITDA up 13.1 per cent to N435.3 billion at a margin of 48.3 per cent.
“Following the confirmation of our Pioneer Tax entitlement for 2015 to 2018, net profit stood at N390.3 billion with earnings of N22.83 per share. As a result of this strong performance the board has recommended for your approval a dividend of N16 per ordinary 50 kobo share,” he said.
Looking ahead, Dangote said the board would continue to consider all strategic and financial options that would move the company to greater height, while adding that in 2019, the company would open export facilities in Lagos and Port Harcourt that would enable exports of clinker, initially to the grinding facility in Cameroon and then to new grinding plants being built in West Africa, thus generating foreign currency for Dangote Cement as well as improve job creation in the country.