Shareholders of Dangote Cement Plc on Monday commended the company’s Board, Management, and staff for their resilience and performance in the 2024 financial year, following the approval of dividends payout of N502.6 billion, equivalent to N30 per share. The endorsement came during the company’s Annual General Meeting (AGM) held in Lagos.
In addition to its strong dividend performance, the company also ramped up its social investments, spending N13.2 billion on corporate social responsibility (CSR), a 469.8% increase from the previous year. The CSR projects focused on key areas, including education, healthcare, agriculture, infrastructure, and economic empowerment.
President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Faruk Umar, praised the leadership of Aliko Dangote and his team for maintaining profitability despite tough economic conditions.
“We are happy with this result,” Umar stated. “2024 was very challenging due to forex fluctuations and the company’s expansion programme. However, despite these hurdles, the company still paid solid dividends, giving us confidence in future returns. This reflects the doggedness and entrepreneurial spirit of the management.”
Similarly, Mrs. Bisi Bakare, Chairperson of the Pragmatic Shareholders Association of Nigeria, lauded the company’s consistency in dividend payments and adherence to sound corporate governance.
“As a shareholder and committed investor, I am extremely pleased with our company’s performance. Even though earnings per share were below N30, the company still declared a N30 dividend. That says a lot about the quality of leadership at Dangote Cement,” Bakare said. “In fact, Dangote Cement remains the highest dividends-paying manufacturing company in Nigeria for the year under review.”
Presenting the financials, Aliko Dangote, Chairman of the company, noted that Dangote Cement remains committed to being the market leader in cost, quality, and service across its countries of operation. He highlighted the company’s investment in state-of-the-art plants using the latest technologies from Europe, China, and other regions to ensure efficient and cost-effective production.
For the year, the company recorded N3,580.6 billion in revenue, marking a 62.2% year-on-year growth, driven by strategic pricing and strong demand recovery, particularly in Nigeria. Group EBITDA reached a record N1,382.0 billion, crossing the N1 trillion mark for the first time in the company’s history.
Looking ahead, Dangote revealed that the company will commission a 3 million tonnes per annum (MTA) grinding plant in Côte d’Ivoire and a 6MTA integrated plant in Itori, Ogun State. He also disclosed the acquisition of 1,500 Compressed Natural Gas (CNG) trucks to replace diesel-powered ones — a move aimed at reducing both costs and environmental impact. Plans are underway to expand the CNG fleet to 3,000 trucks.
