Africa’s wealthiest individual, Aliko Dangote, is poised to pocket a substantial dividend of $284.5 million from his ownership stake in Dangote Cement, solidifying his status as the region’s richest man. This windfall is part of the recommended total dividend for the fiscal year 2023, signifying the company’s robust financial performance.
The dividends, set at N30 per share for the 2023 fiscal year, are scheduled to be disbursed electronically on Monday, April 29, 2024. With an indirect ownership of 85.5% of the company’s total shares, amounting to 14,621,387,610 shares, and an additional 27,642,637 direct shares, Dangote’s total ownership stands at 87.28%, totaling 16.752.154.537 shares.
Dangote Cement, Africa’s largest cement producer with an annual production capacity of 55 million tonnes across multiple countries, witnessed a significant financial upswing. In 2023, the company’s revenue surged from N382 billion in the preceding year to N455.85 billion, marking a substantial increase of 36.4%.
This impressive growth trajectory underscores the resilience and profitability of Dangote Cement amid challenging market conditions. Notably, Nigeria’s three major cement manufacturers, including Dangote Cement, BUA, and Lafarge Africa, collectively recorded approximately N710.3 billion in profits over the past year. This surge in profitability was attributed to heightened sales volumes and increased prices, which alleviated pressures on operations.
Despite the commendable financial performance, these manufacturers faced significant forex losses, impacting their net profits. Operating expenses also saw an uptick, rising from N799.79 billion in 2022 to N910.99 billion in 2023, reflecting the evolving dynamics within the cement industry.
In essence, Dangote Cement’s robust dividend payout underscores its resilience and profitability in navigating market challenges, further consolidating Aliko Dangote’s position as a prominent figure in Africa’s business landscape.
