The Board of Dangote Cement Plc has proposed a total of N272 billion to the shareholders of the company as the dividend for the period ended December 31, 2020.
According to the notification issued by the management of the leading cement manufacturer this morning before the open of the market, the dividend recommendation was one of the key approvals made by the Board, during the Board meeting that held yesterday, 18th of March 2021.
In line with the disclosure, the company is expected to pay its shareholders a dividend of N16 per share for all the 17,000,307,404 residual issued and fully paid outstanding shares of Dangote Cement Plc.
This puts the total dividend payout to qualifying shareholders at N272 billion.
What you should know
- The N16 per share dividend proposed by the company’s Board is subject to appropriate withholding tax and approval by the shareholder at the Company’s Annual General Meeting, while the date of the AGM will be announced shortly.
- The proposed dividend is the same as what the company paid shareholders a year ago.
- Shares in Dangote Cement are currently worth N227.8 per share – at the open of market today, 19th of March 2021. At this price, the dividend yield of the company stands at 7%.
What to expect
- Dangote Cement is expected to file its Audited Financial Statements with the NSE on or before March 31 2021.
- The cement giant’s revenue in the nine months of 2020 surged 12% Y-o-Y to N761.4 billion, despite how challenging the operating environment was in the year 2020.
- Dangote Cement in the third quarter of 2020, experienced its strongest in a quarter, as the cement behemoth’s net profit surge by 135.1%.
- This move was driven by sales volumes in Nigeria, which surged by 40% during the quarter, while Pan-Africa volumes reached a record high EBITDA margin of 24% in the quarter.