Dangote cement to pay shareholders N16 dividend per share
Africa’s largest cement producer, Dangote Cement PLC announced a 16 percent increase in revenue generated in 2020 to N1.03 trillion from N891.7 billion.
This was announced in the company’s audited result released on the Nigerian Stock Exchange (NSE) website.
Group revenue increased by 16 percent to N1.034 trillion from N891.7 billion in 2019
Company revenue increased by 18 percent to N720 billion from N610.3 billion in 2019
Company net profit increased by 35 percent to N352.6 billion N261.4 billion
Company earnings per share increased by 35 percent to N20.69 from N15.34 in 2019. Earnings were limited by an N188 million provision for the impaired assets as well as a surge in income tax expense from N49.958 billion to N97.242 billion, implying a 94.6 percent growth.
Dangote Cement’s Nigerian operations during the period sold 15.9 Metric tonnes for the full year 2020, compared to 14.1Mt in 2019. This included both cement and clinker sales, which implied a 12.9 per cent growth for the full year 2020.
Looking at the domestic sales alone, Nigerian operations sold 15.6Mt, up by 14.3 percent year on year and resulting in an increase in market share.
Profit before tax rose by 49 per cent, rising from N250.479 billion to N373.310 billion.
Profit for the year advanced from N200.521 billion to N276.068 billion, translating to a 37.7 percent jump. That lifted earnings per share from N11.79 to N16.14.
Shareholders fund dipped 0.8 per cent from N897.937 billion to N890.970 billion, following Dangote Cement’s buyback of 40.2 million units of its shares in December at the cost of N9.8 billion.
The company’s board on Friday proposed a final N16 per share dividend totaling N272.648 billion for shareholders for 2020, the same amount it has paid shareholders every year in the past three years. The dividend will be paid by April 27.