Dangote Cement shareholders to receive N511 billion dividend for FY 2023

Date:

April 9, 2024.

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Azonuchechi Chukwu.

Shareholders of Dangote Cement Plc will receive a dividend of N511.215 billion for the financial year ended December 2023, representing a reward of N30.00 for each share held.

The board of directors of Dangote Cement Plc has, in pursuant to the powers vested in it by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria, recommended a dividend of N30.00 per share for the financial year 2023.

The dividend represents a growth of 50% over N20.00 per share paid by the company in 2022.

This was contained in the company’s corporate action announced at the Nigerian Exchange Limited (NGX)on Monday.

The board noted that it considered that the proposed dividend is appropriate and is in line with the company’s strategic growth objectives.

According to the company, the dividend is subject to the appropriate withholding tax and will be paid to shareholders whose names appear in the register of members as at the close of business on Monday, April 15, 2024.

This will be presented at the next Annual General Meeting for shareholders’ ratification and approval

The statement signed by the company noted that on Friday, May 31, 2024, dividends will be paid electronically to shareholders who have completed the e-dividend registration and mandated the registrar to pay their dividends directly into their bank accounts.

Dangote Cement Plc recorded a profit after tax of N455.58 billion for the financial year ended December 2023, representing a 19.7% increase year-on-year.

The year-on-year growth in profits, despite growth in interest expenses and foreign exchange losses, was largely due to substantial revenue.

Its revenue grew by 36% to N2.221 trillion.

The group’s impressive performance continues to be driven by its Nigerian operations as reflected in the notes to the statements. The segment still accounts for about 59% of the group revenue.

Dangote Cement closed its last trading day (Monday, April 8, 2024) at N686.70 per share on the Nigerian Stock Exchange (NGX).

The company began the year with a share price of N319.90 and has since gained 115% on price valuation.(www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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