Dangote Cement to Pay N30 Dividend Per Share to Shareholders

In its latest report, Dangote Cement revealed that its profit before tax was N533.10 billion for the financial year that ended December 31, 2023, which signifies a 6% increase from the corresponding year that settled at N524 billion in 2022. 

Also, Dangote Cement said that it also generated N445.58 billion in profit after tax, which showed a significant increase from the corresponding year set and led to N382.31 billion in 2022.

Dangote Cement also has revenue of N2.21 trillion, which signifies an increase of 36.44% from the corresponding year, which settled at N1.62 trillion in 2022.

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Following Aliko Dangote's promise to reward all shareholders and stakeholders in Dangote Cement beyond their initial commitment, the management for the 2023 session has proposed that it will pay a dividend payout to shareholders of 50% to N30 per share from the corresponding year, where it paid N20 per share in 2022.

The proposed dividend increase by Dangote Cement Plc is subject to approval by the shareholders at the company's forthcoming AGM. The proposed dividend payout of N30 per share at a time when many firms declare losses indicates the resilience of Dangote Cement and the prospects it holds for investors.

Dangote Cement is winning more market share globally, with pan-Africa volumes increasing by 12.7% to 11.3 million metric tonnes.

Speaking on the achievement, the GMD of Dangote Cement, Arvind Pathak, said,

• This positive full-year outcome combines the strength of the diversity of our operations across Africa with our sustained drive to contain costs amidst an accelerating inflationary environment.

• The Group achieved double-digit growth in revenue at N2,208.1 billion, while Group EBITDA reached a record high, increasing 25.1% to N886.0 billion.

Despite the challenging macroeconomic conditions, 2023 was yet another testament to the effectiveness of our diversification strategy. Our diverse operations acted as a cushion, providing resilience to country-specific risks. Pan-African volumes were up 12.7% and now account for 41.2% of Group volume. Consequently, pan-African revenue increased by a record 123.2% to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion."

Combined Report of Dangote Cement, BUA Cement Plc, and Lafarge Africa

According to Dangote Cement Plc, the company has a share of N609.55 billion. It declared a N30.00 per share dividend, translating into N511.22 billion in the 2023 financial year, while BUA Cement proposed a N2.00 per share dividend equivalent to N67.7 billion.

Lafarge Africa proposed a dividend of N1.90 per share, translating into N30.6 billion in shareholder returns.

In the period under review, the three cement makers made N701.34 billion in profit before tax, which signifies an increase of 1.2% from N693.32 billion in 2022.

Dangote Cement declared one of the highest profits before tax in 2023, generating N553.1 billion profit before tax in 2023, a growth of 5.55% from N524 billion profit before tax, followed by Lafarge Africa, which reported N78.78 billion profit before tax in 2023 from N68.31 billion reported in 2022.

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In addition, BUA Cement reported a profit of N69.45 billion before tax in 2023 from N101.01 billion reported in 2022, a decline of 31.2%.

Current Share Price

• Dangote Cement: 686.70

• BUA Cement Plc: 135.00

• Lafarge Africa: 36.35