Dangote Cement has paid its shareholders over N1trillion as dividends in the past seven years, as part of efforts to grow the Nigerian economy.
A breakdown of the seven-year dividend payment 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: “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 hugely beneficial for the country’s transport sector.
“We began our operations in Nigeria and have been expanding into 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 per cent.
“If we look at the last seven years, you will see that our EBITDA has increased by a CAGR of 9 per cent. 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 prioritize giving value to investors and other stakeholders,” he added.
In his presentation, Group Chief Executive Officer, Dangote Cement, Michel Puchercos, said amidst the Covid-19 challenges, the company placed emphasis on the health and safety of team members, customers, suppliers, and communities at large as a core value.
Puchercos added that as Africa’s largest cement manufacturer, they take their role of social responsibility seriously and they have taken deliberate steps to deploy resources to help their communities overcome hardships in this crisis.
“We have spent $1.9 million in response to COVID-19 to ensure the safety and protection of our people, customers, and communities. In Cameroon, we donated PPEs, thermometers, and many more to the Ministry of Public Health and major hospitals in Douala. In Ethiopia, we made cash donations to the government plus various donations including face masks, hand sanitizers, and water supply. These are just a few examples.”
He explained that while the world faces economic recession and downturn, Dangote Cement is fortunate enough to have had a decent start to the year as reflected in its first-half financial results.
“We are presented with a huge opportunity and are strategically positioned to take advantage of these opportunities with our operational efficiency, product quality, modern facilities, and technology to leverage our unique economies of scale and know-how,” he said.
