Dangote Cement Earmarks N340bn Dividend Payment To Shareholders

Dangote Cement Plc has proposed a total dividend of N340 billion to be paid to shareholders for the year ended December 31, 2022.

The company said, once the shareholders at the annual general meeting (AGM) slated for April 13, 2023 approve the proposal, the shareholders whose names are registered in the company’s register of members at the close of business on March 30, 2023, will be immediately paid the sum of about N340 billion a day after the meeting.

In the notice of AGM signed by acting company secretary, Dangote Cement, Edward Imoedemhe,  a list of unclaimed dividends is available on the company’s website and that shareholders with unclaimed share certificates or unclaimed dividends should address their claims to the Registrars, Coronation Registrars Limited.

The company also stated that, it is giving notice to all shareholders to open bank accounts, stockbroking accounts and CSCS accounts for receiving dividend payments electronically and also that pursuant to the provision of Section 187 of CAMA 2020, the treasury shares are not entitled to dividend and voting rights.

The Cement company disclosed in the notice that, its ordinary business for the day will include: laying the Audited Financial Statements for the Year Ended 31 December 2022 together with the Reports of the Directors, Auditors and the Audit Committee thereon; declare a dividend; elect/re-elect Directors; authorise the Directors to fix the remuneration of the Auditors for the 2023 financial year; disclose the remuneration of Managers of the Company and also elect shareholders’ representatives of the Statutory Audit Committee.

The AGM will also consider and if thought fit, fix the remuneration of the Directors.

In the financial statements of the organisation for 2022, the gross earnings for the Group increased to N1.6 trillion from the N1.4 trillion recorded in the preceding year due to the higher revenue generated from cement and clinker sales, with a significant chunk coming from the domestic market. The company’s revenue also increased by 21 per cent to N1,205 billion as against N993 billion recorded for the preceding year.

While the group’s earnings per share increased by 5 per cent to N22.27 billion as against the preceding year’s N22.42 billion, the company’s earnings per share increased by 6 per cent to N23.87 billion as against N22.42 recorded for the preceding year.