Aliko Dangote to Earn a Whopping N293bn as Dividend as his Cement Company Makes Sales of N1.38tn in 2021
- Africa's richest man will be walking home with N293 billion as dividends payment from his cement company
- His cement company recorded a revenue jump of 33.78 per cent in 2021 to hit a high of over N1.38 trillion
- Dangote Cement is one of his major sources of wealth and also one of the biggest company listed on the Nigerian exchange
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Aliko Dangote, Africa's richest man, is set to earn a whopping N293 billion in dividends from his interests in Dangote Cement for the fiscal year ending 2021.
Aliko Dangote is the single majority shareholder of Dangote Cement Plc and one of his most profitable asset classes.
According to the financial statement filed to the Nigerian Exchange on Monday, February 28 2022, Aliko Dangote has direct ownership of 27,642,637 units and indirect investment of 14,621,387,610 which sums up to 14.65 billion ordinary shares.
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Reports have it that Dangote Cement group revenue was N1.38 trillion made up of N993.34 billion from Nigeria while revenue from across African plants was N397.32 billion, against the N1.03 trillion in 2020, translating to a 33.78 per cent increase.
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The reports also revealed that the board of Dangote Cement has proposed a 20 per share on all the issued ordinary shares of the company as dividends for the financial year 2021.
The dividend payment for the year 2021 is N4 higher than the N16 paid out to shareholders last year.
How much is Aliko Dangote going to earn?
Using Dangote's total stakes pegged at about 14.65 billion ordinary shares of Dangote Cement Plc, the billionaire will earn N293 billion from his cement business.
The amount he is to earn is about 86% of the total N340.8 billion dividend proposed by the board of the company.
Breakdown of its cement business revenue in 2021
Dangote Cement Plc (DCP) in its audited financial statement for the year 2021, declared a gross profit of N538.37 billion and an after-tax profit of N364.44 billion.
Group sales volume for Dangote Cement for the full year, stood at 29.3Mt, with operation in Nigeria accounting for 18.61Mt and 10.86Mt in other countries.
Dangote makes more money than 16 states budget
With the N293 billion revenue, Dangote will be pocketing more money than what is expected to be expended for the growth of residents of 16 Nigerian states.
According to a report by Vanguard newspaper, Dangote dividend payments is higher than the budget of Kaduna (N278.58 billion), Cross River (N276 billion) and Borno (N267.92 billion).
Others are Ekiti (N100.8 billion), Plateau (N106.81 billion), Nasarawa (N114.29 billion), Osun (N129.76 billion), Anambra (N141.9 billion), Kogi (N145.8 billion), Ebonyi (N145.41 billion), Abia (N147.79 billion), Taraba (N149.79 billion).
The budget size of Gombe (N154.96 billion), Benue (N155.61 billion), Zamfara (N159.4 billion), Adamawa (N163.68 billion) and Yobe (N163.9 billion) are also lower than what Dangote is to earn.
Dangote, Rabiu companies dominate the list of most valuable manufacturing companies
Legit.ng had earlier reported that Dangote cement and BUA cement are the two most valuable listed manufacturing companies in Nigeria.
BUA foods another company owned by Abdulsamad sat in the third position while Nestle Nigeria completed the list of top four valuable manufacturing companies.
The ranking of the banks is according to data from the Nigerian Exchange Group (NGX) and compiled by Nairametrics.
Source: Legit.ng
