Cement has praised for the
Board, Management and staff
of the company after approving
the dividend payout of N144.8
billion, which translated to
N8.50 kobo per share as against
N8 per share, that was paid in
the corresponding period of
Speaking at the company’s
annual general meeting
(AGM), held in Lagos,
President of Amiable
Shareholders Association of
Nigeria, Festus Akano said
the shareholders were pleased
with Aliko Dangote and his
team. He said for the company
to still pay a robust dividend
despite the recession in the
economy, which also affected
their operations shows the
doggedness and the fighting
entrepreneurial spirit of the
According to him: “We are
very happy and pleased with
this result, 2016 was very
tough with the recession and
fluctuation in the foreign
exchange market which the
Chairman also said affected
their operations, but despite
all these challenges, the
company was still able to
pay us a very good dividend,
better than last year, and even
gave us hope of better returns
on our investments in the
years to come. This is very
commendable and it is only a
company like Dangote Cement
that can achieve this laudable
Chairman of the company,
Aliko Dangote while
presenting the reports to
the shareholders said the
company’s strategy in every
country of operations is to be
the leader on costs, quality and
service. He said the company
build large, modern, highly
efficient plants that combine
the latest equipment from
Europe, China and beyond to
enable it make higher-quality
cement at lower costs, thereby
giving it strong competitive
According to him: “Looking
back at the 2016 financial
year, I am pleased to report
that our cement sales volumes
increased by 25.0 per cent
to nearly 23.6Mt. Of this,
almost 14.8Mt was sold in the
Nigerian market. Revenues
increased by 25.1 per cent to
₦615.1B, of which 68.3 per
cent was generated in Nigeria
(excluding eliminations) and
31.7 per cent from Pan-African
operations. Our earnings
interest, depreciation and
amortisation (EBITDA)
decreased only slightly, to
₦257.2 billion, with Pan-African
operations contributing ₦26.5
billion, excluding central costs.
Earnings per share increased
by 4.5 per cent to ₦11.34.
As I have already stated, the
Board proposes a dividend of
₦8.5 per 50 kobo share, subject
to your approval, to be paid on
26th May 2017 to shareholders”
Another shareholder,
Akin Akinwumi, from the
Progressive Shareholders
Association urged the
Management to give a bonus
and a better dividend in this
2017. He said, the company
should do all within its power
to give bonus issue.
He said: “We thank the
Management for giving us this
dividend but we are appealing
so strongly that bonus issue
should also be considered. For
some of us, we prefer a bonus
to this dividend and we know
it can be done.”
Group Chief Executive
Officer of the company, Onne
van der Weijde, revealed that
the expansion strategy of the
company yielded fruits last
year when Nigeria was in
recession as the Plants across
Africa contributed significantly
to the company’s turnover

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