Dangote Cement Pays Shareholders N502 Billion As Dividends Amid Plans To Set Up Two New Plants

• Dangote Cement has crossed the N1 trillion mark in annual earnings, a major milestone for the company
• Every indicator points to an even better result in 2025, as the company has already reported N209.245 billion as earnings after tax for Q1
• As shareholders smile to the bank with their dividends, the company is also set to expand to two new locations

Ruth Okwumbu-Imafidon, a Legit.ng journalist, has over a decade of experience in business reporting across digital and mainstream media.

Dangote Cement has achieved a major milestone, crossing the N1 trillion mark in its 2024 annual earnings.

This would be the first time since its inception that the company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) reached N1.382 trillion.

This is not only the highest ever EBITDA for the company, but it also marks a 56% growth from the 2023 financial year.

Shareholders are smiling to the bank, as earnings per share have increased by 12.3% from N26.47 in the 2023 financial year, to N29.74 in the 2024 financial year.

Shareholders unanimously voted for N30 dividends per share, totaling N502.6 billion in dividends.

This makes Dangote Cement the manufacturing company with the highest dividend for the 2024 financial year.

Aliko Dangote, the Chairman, presented the report to shareholders, disclosing that revenue for the period also reached N3.58 trillion, up by 62.2% from the previous year.

He attributed the latest achievements to the company’s effective pricing strategy and a rising demand for the product in key markets, including Nigeria.

Shareholders rejoice as Dangote declares N30 dividends

The dividends and earnings achievement drew commendations from the shareholders, the NATION reports.

The President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, noted that paying such dividends despite the economic challenges faced during the year is evidence of the management's dogged entrepreneurial spirit.

The Chairperson of the Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, equally commended the company for its consistency in paying dividends every year.

She said:

“As a shareholder and an acute investor of this company, I am very happy and pleased with the performance of our company so far. The earnings are not even up to N30 per share, and for the company to still declare N30 per share dividend speaks volumes of the quality of leadership that we are lucky to have in Dangote Cement”

Dangote Cement increases CSR budget by 470%

To give back to Nigeria, Dangote also announced that the company had increased its Corporate Social Responsibility (CSR) expenditure to N13.2 billion.

This expenditure covered education, agriculture, healthcare, infrastructure, and economic empowerment, and is significantly higher than the previous financial year by 469.8%.

Aliko Dangote also announced that Dangote Cement would be acquiring another 1,500 CNG-powered trucks to bring its fleet up to 3,000 trucks.

This plan will help cut costs for the company while also contributing to a cleaner environment.

Dangote Cement shares expansion plans

The Chairman also revealed new plans to commission a 3 MT/A grinding plant in Côte d’Ivoire and a 6 MT/A integrated plant in Itori, Ogun State.

According to Dangote, this is part of the company’s strategy to be cost-efficient and remain the industry leader in quality and service.

He disclosed that their highly efficient plants combine the latest equipment from Europe and China, allowing the company to produce a higher quality at lower costs and export to other countries.

Dangote Industries to end cement imports in Nigeria

In related news, Dangote Industries Limited has shared plans to end the importation of cement and other products in Nigeria.

Legit.ng reported that Nigeria has already become a net exporter of cement, thanks to the local manufacturing activities.

However, Dangote Group has plans in place to ramp up cement production and end imports.

Source: Legit.ng