…As firm plans to run trucks on CNG
Shareholders of Dangote Cement Plc have applauded the company for increasing their value on investment through robust dividend payout, even as they endorse a dividend of N30 per 50 kobo share for the 2023 financial year.
At the company’s 15th yearly general meeting of the company held in Lagos yesterday, the shareholders expressed delight on the N30 dividend declared by the company amid hash operating environment, stating that many manufacturing firms operating in Nigeria could not declare dividend due to nation’s prolonged macro economic challenges, ranging from uncertainty to foreign exchange shortages, insecurity , rising inflation among others.
Specifically, President, Trustee Shareholders Association, Mukta Mukta said the diversified nature of the group has helped to shield the company from macro economic risks, reason they declared dividend in a year the manufacturing sector is bedeviled with myriads of problems impeding their growth.
He added that enhanced innovativeness deployed by the management has helped them create new ways of doing business to cut cost and increase shareholders returns on investment.
Also speaking, President of the Association for the Advancement for the Rights of Nigerian Shareholders, Dr Faruk Umar said the earnings per share of the cement manufacturing giant has been growing steadily, amid harsh operating environment, expressing optimism that with the improved performance, the company’s total earnings will exceed N1 trillion in the current financial year.
President of Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare applauded the management for the smooth running of the affairs of the firm and increasing shareholders value on investment.
According to her, the company has been consistent in its dividend policy over the years despite the current reality.
She urged the firm to do everything within its powers to sustain its leadership position and stay ahead of trends in the industry against all odds.
Earlier, the Chairman, Dangote Group, Aliko Dangote said the company has concluded arrangement to ensure that its delivery trucks run on Compressed Natural Gas (CNG) in line with the Federal Government agenda on adoption of alternative fuel for official vehicles.
According to him, this would serve as a boost to the Federal Government’s quest towards reducing dependence on fossil fuel to enhance nation’s energy independence and contributing to a more secure energy future.
“We are now going to start using CNG vehicles, especially with the new policy of the Federal Government, launched by the Renewed Hope Agenda by President Bola Tinubu. By the end of next year, all our trucks that are operating in the company will be running on CNG, and that is a whole lot of money that we are going to invest. But we are equal to the task, and we will continue to push and make sure that we continue to make our shareholders happy.”
Dangote said the company’s impressive performance was in fulfillment of the promise made on enhanced Return on Investments (RoI) to shareholders and other stakeholders in Dangote Cement, assuring that the current financial year would be better.
He expressed satisfaction that Dangote Cement achieved double-digit growth in revenue of N2,208.1billion, while Group Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) reached a record high of ₦886.1 billion, increasing by 25.1per cent.
“This outstanding EBITDA performance was underpinned by our robust cost control measures and our diverse pan-Africa operations. The latter acted as a cushion, providing resilience to country-specific risks, while the former enhanced our overall profitability. Our pan-Africa operations now contribute 41.2per cent to the Group’s overall volumes.
