Dangote Cement Tantalize Shareholders With N340 Billion Dividend Proposal

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Dangote Cement shareholders will be paid N340 billion in April 2023 as their dividends for investing in the company’s shares for the period of 2022.

The company said the N340 billion will be tabled before the shareholders for approval at the Annual General Meeting slated for April 13, 2023.

Shareholders expected to receive payment from the N340 billion are investors whose names are registered in Dangote Cement’s Register of Members at the close of business on March 30, 2023.

Aside from the dividend payout for the calendar period of 2022, Dangote Cement disclosed that the company is in possession of some dividends meant to be paid in previous years but haven’t been claimed by some shareholders.

During the AGM, shareholders will also discuss other business-related topics such as “the Audited Financial Statements for the Year Ended 31 December 2022 together with the Reports of the Directors, Auditors and the Audit Committee thereon; declare a dividend,” a statement sent to Ripples Nigeria said.

Also, the shareholders will be expected to vote to “elect/re-elect Directors; authorise the Directors to fix the remuneration of the Auditors for the 2023 financial year; disclose the remuneration of Managers of the Company and also elect shareholders’ representatives of the Statutory Audit Committee. The AGM will also consider and if thought fit, fix the remuneration of the Directors,” the statement added.

Meanwhile, Dangote Cement reported N1.6 trillion in gross earnings in the full year 2022, which is 14.2 per cent or N200 billion more than the N1.4 trillion recorded in the preceding year.

“In the financial statements of the organisation for 2022, the gross earnings for the Group increased to N1.6 trillion from the N1.4 trillion recorded in the preceding year due to the higher revenue generated from cement and clinker sales, with a significant chunk coming from the domestic market.

“The company’s revenue also increased by 21 per cent to N1,205 billion as against N993 billion recorded for the preceding year,” the firm confirmed.

Similarly, the “group’s earnings per share increased by 5 per cent to N22.27 billion as against the preceding year’s N22.42 billion, the company’s earnings per share increased by 6 per cent to N23.87 billion as against N22.42 recorded for the preceding year.”