Dangote to receive $2.07-million interim dividend from salt-processing business

Africa’s wealthiest person Aliko Dangote is poised to receive a substantial interim dividend of $2.07 million from his majority stake in Nascon Allied Industries Plc, a leading salt-processing company which forms part of the Dangote Group.

This interim dividend payout underscores Nascon’s exceptional financial performance in 2023 and contributes to Dangote’s impressive earnings from his businesses this year.

The $2.07-million interim dividend, scheduled to be deposited into Dangote’s bank account on Nov. 17, constitutes the majority of Nascon’s proposed interim dividend of N1 ($0.00127) per share, amounting to a total payout of N2.65 billion ($3.36 million).

Nascon’s impressive financial performance in 2023

Nascon Allied Industries Plc demonstrated an exceptional performance in the first nine months of 2023, with revenues surging past the $70-million mark.

According to the recently published financial reports, the company recorded a remarkable 45.57-percent increase in revenue, rising from N40.61 billion ($51 million) during the nine-month period of 2022 to N59.11 billion ($72.4 million) in the nine-month period of 2023.

This impressive revenue growth translated into an astonishing 282-percent increase in profit after tax. Profits surged from N2.88 billion ($3.65 million) in 9M 2022 to N11 billion ($14 million) in 9M 2023. Nascon’s effective cost-optimization strategies played a pivotal role in boosting profit margins during the review period.

Aliko Dangote’s stake in Nascon Allied Industries is worth $118 million

As the founder and majority owner of Dangote Industries Limited, Dangote holds a 62.2-percent stake in Nascon Allied Industries, equivalent to 1,647,763,557 ordinary shares in the salt-processing company.

Dangote’s stake in Nascon Allied, worth $118 million, significantly contributes to his estimated net worth of $15.9 billion, solidifying his position as Africa’s wealthiest individual.

Dangote continues to make substantial strides in both the business and investment worlds, maintaining his status as a prominent figure in Africa’s economic landscape. His success and commitment to the growth of Nigerian and African industries serve as an inspiration to many aspiring entrepreneurs and business leaders across the continent.