Less than a week after receiving $21.1 million in dividends from Dangote Sugar Refinery, Africa’s richest man Aliko Dangote received a massive N293-billion ($704.1 million) dividend from his stake in Dangote Cement on Mon., June 20, as part of the cash rewards paid to the company’s shareholders.
Dangote, the world’s richest Black man, owns an 86-percent stake in Dangote Cement Plc, Africa’s largest cement producer, with a total production capacity of 51.55 million tonnes of cement per year across 10 countries.
In addition to the operations of other companies such as BUA Cement and Lafarge Africa, the leading cement company has made significant contributions to the elimination of Nigeria’s reliance on imported cement, transforming the country into a net exporter of cement goods.
The $704-million dividend, which was electronically deposited into the billionaire’s bank account yesterday, represents the majority of the final dividend distribution of N340.81 billion ($819.2 million) approved by Dangote Cement shareholders at the group’s annual general meeting on Monday.
Dangote has now received a total dividend of $725.2 million from his publicly traded businesses this year, which is significantly more than the $639.5 million that he received last year.
While commenting on the performance of his cement business, the Nigerian billionaire said Dangote Cement has experienced exponential growth across all its operating segments over the past decade.
He revealed that the group’s volumes have increased to nearly 30 million tonnes per year, while its operating capacity has tripled to 51.6 million tonnes per year, allowing the cement company to export cement to five African countries.
“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit,” he said. “These values are what we need to face unpredictable times in the future.”
Dangote Cement reported a 33-percent increase in profit at the end of 2021, from N276.06 billion ($663.5 million) in 2020 to N364.4 billion ($875.9 million), owing to strong top-line growth and sound cost-cutting strategies.
