Dangote Cement Plc, Africa’s largest and leading cement producer, has reiterated its commitment to maintaining its profitable status through strategic innovations that will ensure the continuous growth of investors’ investments.
This commitment was reinforced at the company’s 14th Annual General Meeting held in Lagos where the shareholders approved a dividend payout of N340.8billion for the financial year ending December 31, 2022.
The management proposed a dividend of N20.00 per ordinary 50kobo share, which was well received by the shareholders, many of whom commended the company’s doggedness and resilience during a challenging macroeconomic environment in 2022.
Speaking at the AGM, Chairman of Dangote Cement Plc, Aliko Dangote, said the company’s prospects remained bright as the management continued to innovate on quality products delivery to millions of its customers across Africa while also positively impacting its host communities.
Dangote explained that despite the unprecedented inflationary pressure experienced in 2022, the company achieved its highest revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) in history, with N1,618.3 billion and N708.2 billion, respectively.
These achievements were supported by the numerous cost containment measures implemented by the company, including the substitution of higher-cost fuel for cheaper alternative fuel products.
He also highlighted the company’s successful transition to cleaner energy, with its cost containment initiative propelling the use of Alternative Fuel (AF) to replace more expensive fossil fuels, such as coal and gas.
The company also increased the use of Compressed Natural Gas (CNG) for its trucks, resulting in significant cost savings and enhanced flexibility.
Dangote assured shareholders that the company would continue to pursue its organic growth strategy in Nigeria and Pan-Africa while contributing to improving regional trade within Africa by building plants across West and Central Africa, guided by its vision of making the region cement and clinker self-sufficient.
The chairman added that the company would continue to embrace technological advancements and evolve with the changing times to remain competitive in the volatile business environment. He also expressed gratitude to the shareholders for their support and loyalty, stating that the company would continue to prioritize their satisfaction while delivering value to all stakeholders.
