The president of Dangote group, Aliko Dangote, says Dangote Cement revenue jumped by 25.1 percent to N615 billion despite the recession in the economy. This resulted in the company’s approved dividend payout of N144.8 billion, which translated to N8.50 kobo per share as against N8 per share, that was paid in the corresponding period of 2015.
According to TheCable, at the company’s annual general meeting (AGM) held in Lagos, Festus Akano, president of Amiable Shareholders Association of Nigeria, said for the company to still pay a robust dividend , which also affected their operations shows the doggedness and the fighting entrepreneurial spirit of the Management.
Dangote while presenting the reports to the shareholders said the company build large, modern, highly efficient plants that combine the latest equipment from Europe, China and beyond helped to enable it make higher-quality cement at lower costs, thereby giving it strong competitive advantages.
“Looking back at the 2016 financial year, I am pleased to report that our cement sales volumes increased by 25.0 per cent to nearly 23.6Mt. Of this, almost 14.8Mt was sold in the Nigerian market.
“Revenues increased by 25.1 per cent to ₦615.1B, of which 68.3 per cent was generated in Nigeria (excluding eliminations) and 31.7 per cent from Pan-African operations. Our earnings before interest, depreciation and amortisation (EBITDA) decreased only slightly, to ₦257.2 billion, with Pan-African operations contributing ₦26.5 billion, excluding central costs.
“Earnings per share increased by 4.5 per cent to ₦11.34. As I have already stated, the Board proposes a dividend of ₦8.5 per 50 kobo share, subject to your approval, to be paid on 26th May 2017 to shareholders”
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