Africaâs wealthiest man, Aliko Dangote, is set to receive a substantial dividend of $284.5 million from his stake in the Dangote Cement cement firm.
The earnings are part of Dangote Groupâs recommended total dividend for the fiscal year 2023, showing the companyâs strong financial performance.
The dividend will be paid electronically on Monday, April 29, 2024. The companyâs board of directors approved N30 per share for the 2023 fiscal year.
The companyâs recently published financial statement shows that Dangote has an indirect stake of 14,621,387,610, representing 85.5% of the companyâs total shares.
According to reports, the Nigerian billionaire also holds 27,642,637 direct shares in the company, bringing his total shares to 16.752.154.537, representing 87.28%.
Dangote stands to gain a considerable dividend of N146.5 billion on April 29, 2024, cementing his position as Africaâs wealthiest man.
Dangote Cement is Africaâs largest cement producer and boasts an annual production capacity of 55 million tonnes across countries.
The company recorded an increase of N455.85 billion in 2023 from the N382 billion recorded in the same period in 2022.
The development is due to the companyâs 36.4% increase in 2022 to N2.21 trillion in 2023.
TimesNow.com.ng reported that Nigeriaâs three biggest cement manufacturers — Dangote, BUA, and Lafarge Africa — Africa recorded about N710.3 billion in the past year as hikes in sales and higher prices reduced pressures on operations.
The three manufacturers, however, incurred huge forex losses, which affected their net profits.
The firmsâ total sales increased from N2.35 trillion in 2022 to N3.076 billion in 2023. Their operating expenses rose from N799.79 billion in 2022 to N910.99 billion in 2023.
Source: TimesNow.com.ng
