Dangote Cement Shareholders Approve N16 Dividend, Hail Board

Shareholders of Dangote Cement Plc yesterday approved the N16 dividend per share recommended for the financial year ended December 31, 2018 and hailed the board and management of the company for the improved performance.

The shareholders, who approved the dividend at the 10th annual general meeting (AGM) in Lagos, lauded the decision to increase dividend payout by 52.4 per cent from the N10. 50 per share that was paid in 2017.

In his address to the shareholders, Chairman of Dangote Cement, Aliko Dangote described the shareholders and staff as the bedrock of the company and expressed optimism on the prospects of the company.

According to him, the company will be effectively operating in a minimum of 18 African countries in a short while by increasing the capacity of its Obajana Plant to 16 million metric tons, making it one of the biggest cement plant in the world.

“All these, surely will translate to an enhanced value appreciation to the shares of Dangote cement and more money in the pockets of the shareholders”, he told the excited shareholders.

Dangote said that the plans of the company would attract a $700 million foreign exchange into the Nigerian economy through exporting of the products, thereby helping the federal government and also the group in its other activities across Africa.

Dangote described 2018 as the most successful for the company as it recorded an increase in cement sales by7.4per cent to 23.5 million tonnes and 11.9 per cent growth in revenues to N901.2 billion.

Speaking on the future prospects, Group Chief Executive Officer, Dangote Cement Plc, Joseph Makoju said the company in 2019 would focus on efficiency gains and achieving higher sales in domestic and export markets.

He said: “A major priority for us is to get these export terminals on stream so we can replace nonAfrican imports in Cameroon, rake in foreign currency for Nigeria and increase the utilization of our Nigerian plants.”