Shareholders of Dangote Cement Plc yesterday commended the management of the company for an impressive performance despite the economic challenges in the year under review.
Unanimously, the shareholders approved N20 per share for the year ended December 31, 2021 as against the N16 paid in the preceding year. This represents a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the company’s commitment to maximising shareholder value.
The shareholders gave their approval at the 13th Annual General Meeting (AGM) held in Lagos. They commended the management for the impressive performance recorded in the year under review. They also applauded the company for its efforts in reducing unclaimed dividend of the company.
Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 per cent owing to strong cost control measures.
Chairman of the company, Aliko Dangote, said, over the last decade, Dangote Cement has recorded exponential growth across all areas. He said: “Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa, while creating sustainable value for our stakeholders.”
He also said, in January 2021, the company completed the second tranche of its buy-back programme as Dangote Cement has now repurchased 0.98 per cent of its outstanding shares, saying, this share buy-back programme reflects the Company’s unwavering commitment to creating value and identifying opportunities to return cash to shareholders.
He also noted that, “we began operations in our new 3Mta Okpella plant in Edo state in 2021, where we are successfully ramping up production and have contributed to creating a new industrial hub.
“We are actively deploying our alternative fuel strategy across all countries of operations, to optimise energy efficiency, reduce reliance on fossil fuels and ultimately reduce CO2 emission. Whilst we focused our efforts on meeting the robust demand of our local market in Nigeria, at the expense of our export markets, we still made significant progress in our cement and clinker exports.”
He stated that, along with the company’s focus on strategy, it made progress on the effectiveness and diversity of its board with the appointment of Ms. Halima Aliko-Dangote to the board as a non-executive director effective 26th February 2022, bringing female Board representation to 27 per cent, from 20 per cent in 2020 in addition to the six different nationalities and five independent non-executive directors on its board.
He emphasised that, “we continue our sustainability and governance efforts with our 7 Sustainability Pillars – ‘The Dangote Way’. The 7 Pillars: cultural, economic, institutional, financial, environmental, operational and social, provide the appropriate framework in which we have embedded our corporate values and strategic objectives.”
On the outlook for Dangote Cement in 2022, group managing director/chief executive officer of Dangote Cement, Michel Puchercos said: “our goal is to be the partner of choice for those transforming Africa, while creating sustainable value for our stakeholders remains firm and clear.
“Despite operating in a challenging and fast-moving environment, Dangote Cement consistently delivers superior profitability to the shareholders. The robust demand experienced across the continent despite the COVID-19 related challenges, confirm the powerful potential of these markets.”