Dangote pays 90% of net profits as dividend

Dangote Cement on Wednesday paid out a dividend of N10.50 per 50k share, representing 90 per cent of net profit for 2017 business year.

The figure also shows an increase of 23.5 per cent over the N8.5 per share paid last year, a statement by the company said yesterday.

They unanimously urged the regulators to give special award to Dangote Cement and its Management for keeping faith with the shareholders.

President of Progressives Shareholders Association of Nigeria, Boniface Okezie, said the shareholders were pleased with Aliko Dangote and his team.

Dr. Umar Farouk, another shareholders’ association leader urged the regulators to adequately compensate the Management of the Dangote Cement with an award as it has consistently kept faith with its shareholders.

Chairman of Dangote Cement, Aliko Dangote however attributed the 31 per cent increase in the company’s revenue of N805.6 billion to its pan African operations growth which also recorded a significant increase in revenue from N258.4bn in 2017.

He said: “Pan African operations increased volumes by 8.4 per cent, with Ethiopia, Senegal, Cameroon and South Africa all performing strongly and close to their operating capacity.”

The acting Group Chief Executive, Joe Makoju said, “The increase was helped by our decision to increase our use of local coal in Nigeria and that also helped to improve our fuel security, maintain production uptime and it reduced our need for foreign currency.” N195bn to