Shareholders of Dangote Cement have lauded the board, management and staff of the company for the dividend payout of N144.8 billion, which translated to N8.50 kobo per share as against N8 per share paid in the corresponding period of 2015.
Speaking at the company’s annual general meeting (AGM) in Lagos, President of Amiable Shareholders Association of Nigeria, Festus Akano said the shareholders were pleased with Aliko Dangote and his team.
He said for the company to pay a robust dividend despite the economic recession, shows the management’s doggedness and the fighting entrepreneurial spirit.
“We are very happy and pleased with the result. 2016 was very tough with the recession and fluctuation in the foreign exchange market, which the Chairman also said affected their operations. But despite the challenges, the company was still able to pay us a very good dividend better than last year and even gave us hope of better returns on our investments in the years to come. This is very commendable and it is only a company like Dangote Cement that can achieve this laudable feat,” he said.
While presenting the reports to the shareholders, Chairman of the company, Aliko Dangote said the company’s strategy in every country of operations was to be the leader on costs, quality and service.
He noted that the company builds large, modern, highly efficient plants that combine the latest equipment from Europe, China and beyond 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 the volume of our cement sales increased by 25.0 percent to nearly 23.6Mt. Of this, almost 14.8Mt was sold in the Nigerian market. Revenues increased by 25.1 percent to ₦615.1 billion of which 68.3 percent was generated in Nigeria (excluding eliminations) and 31.7 percent 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 percent to ₦11.34.”