Shareholders of Dangote Cement Plc will receive a dividend of N511.215 billion for the financial year ended December 2023, representing a reward of N30.00 for each share held.
The board of directors of Dangote Cement Plc has, in pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria, recommended a dividend of N30.00 per share for the financial year 2023.
The dividend represents a growth of 50% over N20.00 per share paid by the company in 2022.
This was contained in the company’s corporate action announced at the Nigerian Exchange Limited (NGX)on Monday and obtained by Nairametrics.
The board noted that it considered that the proposed dividend is appropriate and is in line with the company’s strategic growth objectives.
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Still subject to shareholders’ approval
According to the company, the dividend is subject to the appropriate withholding tax and will be paid to shareholders whose names appear in the register of members as at the close of business on Monday, April 15, 2024.
This will be presented at the next Annual General Meeting for shareholders’ ratification and approval
The statement signed by the company noted that on Friday, May 31, 2024, dividends will be paid electronically to shareholders who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.
Advice to shareholders: Shareholders who are yet to complete the e-dividend registration are advised to download the registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the registrars.
Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar.
Nairametrics reported that Dangote Cement Plc recorded a profit after tax of N455.58 billion for the financial year ended December 2023, representing a 19.7% increase year-on-year.
The year-on-year growth in profits, despite growth in interest expenses and foreign exchange losses, was largely due to substantial revenue.
Its revenue grew by 36% to N2.221 trillion.
The group’s impressive performance continues to be driven by its Nigerian operations as reflected in the notes to the statements. The segment still accounts for about 59% of the group revenue.
Dangote Cement closed its last trading day (Monday, April 8, 2024) at N686.70 per share on the Nigerian Stock Exchange (NGX).
The company began the year with a share price of N319.90 and has since gained 115% on price valuation.