After Increasing Shareholders’ Dividends, Dangote Set to Earn $284.5 Million from Cement Company

• Nigeria and Africa’s richest man, Aliko Dangote, is set to receive about N146.5 billion as dividends from Dangote Cement
• The company recently approved a 50% increase in dividends for shareholders
• Dangote’s earnings come from his 85% stake in the company, which is Africa’s largest producer

Legit.ng’s Pascal Oparada has reported Tech, Energy, Stocks, Investment and the Economy for over a decade.

Africa’s wealthiest man, Aliko Dangote, is set to receive a substantial dividend of $284.5 million from his stake in the Dangote Cement cement firm.

The earnings are part of Dangote Group’s recommended total dividend for the fiscal year 2023, showing the company’s strong financial performance.

Shareholders to receive payment electronically

The dividend will be paid electronically on Monday, April 29, 2024. The company’s board of directors approved N30 per share for the 2023 fiscal year.

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The company’s recently published financial statement shows that Dangote has an indirect stake of 14,621,387,610, representing 85.5% of the company’s total shares.

According to reports, the Nigerian billionaire also holds 27,642,637 direct shares in the company, bringing his total shares to 16.752.154.537, representing 87.28%.

Dangote holds a substantial stake in a cement firm

Dangote stands to gain a considerable dividend of N146.5 billion on April 29, 2024, cementing his position as Africa’s wealthiest man.

Dangote Cement is Africa’s largest cement producer and boasts an annual production capacity of 55 million tonnes across countries.

The company recorded an increase of N455.85 billion in 2023 from the N382 billion recorded in the same period in 2022.

The development is due to the company’s 36.4% increase in 2022 to N2.21 trillion in 2023.

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Dangote, BUA, other cement Manufacturers Declare N710bn Profit

Legit.ng reported that Nigeria’s three biggest cement manufacturers -- Dangote, BUA, and Lafarge Africa -- Africa recorded about N710.3 billion in the past year as hikes in sales and higher prices reduced pressures on operations.

The three manufacturers, however, incurred huge forex losses, which affected their net profits.

The firms’ total sales increased from N2.35 trillion in 2022 to N3.076 billion in 2023. Their operating expenses rose from N799.79 billion in 2022 to N910.99 billion in 2023.

Source: Legit.ng