Nigeria: Dangote Cement Pays Over N1 Trillion Dividends in Seven Years

24 September 2020

Africa's largest cement manufacturer, Dangote Cement, has grown the wealth of its shareholders over the years, paying over N1 trillion as dividends in the past seven years, the company has said.

According to the cement company's Group Chief Financial Officer, Mr. Guillaume Moyen, Dangote Cement is focused on growing the Nigerian economy. "A breakdown of the seven-year dividend history gleaned from the company's financial statements indicated that N51.1 billion was paid in 2013; N119.3 billion in 2014; N102.2 billion in 2015; N136.3 billion in 2016; N144.8 billion in 2017; N178.9 billion in 2018, and N272.6 billion in 2019," he said.

Moyen, who disclosed this during the virtual 'Facts Behind the Figures and Facts Behind Sustainability Report' by the company to capital market stakeholders at the Nigerian Stock Exchange(NSE), said Dangote Cement has a sustained focus on helping the Nigerian economy and doing what it can to benefit the economy.

He said: "Arguably, our biggest achievement to date is taking Nigeria from being a big importer of cement to being self-sufficient, and now an exporter. We are developing road infrastructure and durable concrete roads, which are a major economic catalyst and is hugely beneficial for the country's transport sector.

"We began our operations in Nigeria and have been expanding to other countries over the years. Since 2011, we have been enjoying robust volume growth, to be more specific, we have been growing at a compound annual growth rate of 13.4 percent.

"The company has an outstanding financial profile and has achieved excellent financial performance during this period. If we look at the last seven years, you will see that our EBITDA has increased by a CAGR of 9 percent. We have paid over N1 trillion in dividends to shareholders in the last seven years. As Africa's largest cement manufacturer, we will continue to prioritise giving value to investors and other stakeholders."

In his presentation, Group Chief Executive Officer of Dangote Cement, Michel Puchercos, said amid the COVID-19 crisis, the company placed an emphasis on the health and safety of team members, customers, suppliers, and communities at large as a core value.

"We have implemented several rigorous protocols in all our operations across the continent to support public health policies and ensure the highest level of protection for our stakeholders. In addition, we are closely monitoring all markets according to the guidance provided by the authorities in each country to prevent and mitigate adverse effects of the pandemic. In this context, we continue to provide superior services and deliver high quality products to our customers," he added.

More From: This Day

Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.