Dangote Cement Announces N20 Dividend Per Share

Dangote Cement has announced a N20 dividend per share for the end of the 2022 financial year.

This was revealed in the 2022 audited financial report of the organisation which was published on Monday via the website of the Nigerian Exchange Limited.

The corporate notice signed by the Acting Company Secretary, Edward Imoedemhe, partly read, “A final dividend of N20 per share, subject to the appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on March 30, 2023.”

It was stated that the cash reward would be paid electronically to shareholders whose names appear in the register of members as of March 30, 2023, and who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts on April 14, 2023.

However, for the money to be paid, shareholders must approve the payment at the Annual General Meeting (AGM) on April 13, 2023, at 11.00 am at the Eko Hotel & Suites, Lagos.

In the financial statements of the organisation for 2022, the gross earnings increased to N1.6 trillion from the N1.4 trillion recorded in the preceding year due to the higher revenue generated from cement and clinker sales, with a significant chunk coming from the domestic market.

This improvement in the earnings helped the cement maker record a higher gross profit despite a significant increase in the cost of sales, which jumped to N662.9 billion in the period under review compared with the N551.0 billion achieved a year earlier.

The gross profit stood at N995.4 billion in FY 2022, in contrast to N832.6 billion it was in FY 2021.

However, the other income went down to N5.3 billion from N6.2 billion, while profit from operating activities marginally rose to N585.9 billion from N582.5 billion.

In the period under review, the administrative expenses of the firm surged to N79.9 billion from N64.4 billion as a result of an increase in the salaries and related-staff costs to N25.1 billion from N15.9 billion, directors’ remuneration to N1.8 billion from N1.4 billion, security expenses to N2.9 billion from N2.2 billion, and janitorial and office cleaning costs to N1.4 billion from N897 million, among others.