Shareholders of Dangote Cement Plc were full of praise on Monday as they approved a massive dividend payout of ₦502.6 billion, translating to ₦30 per share, at the company’s 2024 Annual General Meeting (AGM) held in Lagos.
The shareholders also commended the company’s sharp increase in corporate social responsibility (CSR) investments, which surged by 469.8 per cent to ₦13.2 billion.
These investments spanned critical sectors such as education, healthcare, agriculture, infrastructure, and economic empowerment.
The dividend declaration was especially notable in the face of prevailing macroeconomic challenges.
Many shareholders described it as a show of resilience and sound leadership.
President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, praised Aliko Dangote and his management team for maintaining solid performance despite economic headwinds.
“We are happy with this result. 2024 was very challenging due to fluctuations in the foreign exchange market and the company’s aggressive expansion programme.
“But despite all these challenges, the company was still able to pay us a very good dividend and even gave us hope of better returns in the future,” Umar said.
Similarly, Mrs Bisi Bakare, Chairperson of the Pragmatic Shareholders Association of Nigeria, lauded the company’s consistency in rewarding shareholders and its adherence to strong corporate governance.
“As a shareholder and an acute investor in this company, I am very happy and pleased with the performance of our company so far.
“The earnings are not even up to ₦30 per share, and yet the company declared a ₦30 dividends. That speaks volumes about the quality of leadership we are fortunate to have.
“Dangote Cement is the only manufacturing company that paid the highest dividend in the year under review,” she noted.
Presenting the financial report, Chairman Aliko Dangote highlighted the company’s strategy of being a leader in cost, quality, and service across all markets where it operates.
“We build large, modern, highly efficient plants equipped with the latest technology from Europe, China, and beyond.
“This enables us to produce higher-quality cement at lower costs and gives us a strong competitive edge,” Dangote said.
He further disclosed that Dangote Cement recorded ₦3,580.6 billion in revenue, representing a 62.2 per cent year-on-year growth.
The group also achieved a historic milestone with EBITDA reaching ₦1,382.0 billion, crossing the ₦1 trillion threshold for the first time.
Looking ahead, Dangote revealed ongoing expansion efforts, including the planned commissioning of a 3 million tonnes per annum (MTA) grinding plant in Côte d’Ivoire and a 6MTA integrated plant in Itori, Ogun State.
In a major sustainability move, the company has acquired 1,500 compressed natural gas (CNG) trucks to replace diesel-fuelled vehicles, a shift expected to reduce both costs and environmental impact. He added that plans are underway to double the CNG fleet to 3,000 trucks.
The 2024 AGM reaffirmed shareholder confidence in the company’s strategic direction, operational efficiency, and commitment to delivering long-term value.
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