Dangote Cement declares N179b dividend

Cornelia Mascio
Marzo 21, 2018

Dangote Cement's pre-tax profit closed at N289.6 billion in the period under review in contrast to N142.9 billion in the corresponding period, while the post-tax profit stood at N204.3 billion as at December 31, 2017 against N142.9 billion as at December 31, 2016. The results released at the stock exchange, showed revenue of N805.6 billion, up by 31 per cent from N615.1 billion in 2016.

However, profit before tax rose by 60.1 per cent from N180.9 billion to N298.6 billion, while profit after tax grew by 43 per cent to N204.2 billion, from N142.9 billion in 2016.

Gross profit rose from N291.3 billion in 2016 to N454.3 billion in 2017. Earnings per share consequently improved to N11.65 in 2017 compared with N8.78 in 2016.

The report indicated that while sales from the three plants in Nigeria contributed N552.36 billion to the group's revenue, the balance of N258.44 billion was accounted for by plants in other African countries.

Meanwhile, the board of Dangote Cement has proposed the payment of N10.50k per share dividend to its shareholders to be paid on June 21, 2018, a day after its Annual General Meeting (AGM) slated for the Civic Centre, Lagos by 11am. Revenue attributable to Nigeria grew by 29.6 per cent while that from Pan-African operations rose by 32.5 per cent. "Although Nigerian volumes were lower in 2017, our pan-African operations increased volumes by 8.4 per cent and now make up 42 per cent of the Group's total cement sales, demonstrating the robust diversification of our business", said Joseph Makoju, acting group CEO, Dangote Cement.

"We expanded our footprint from eight countries to ten with the opening of new facilities in the Republic of Congo and Sierra Leone, while our operations in Cameroon, Senegal and Ethiopia achieved strong sales growth during the year".

Dangote Cement is Africa's leading cement producer with almost 46Mta capacity across Africa. Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.25Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta.

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