Shareholders of Dangote Cement Plc have approved a final dividend payout of ₦30 per share for the 2024 financial year totaling ₦506.21 billion, one of the largest corporate dividends in Nigeria’s capital market history.
The dividend represents a yield of 6.81% based on the current share price of ₦440.
The approval was overwhelmingly endorsed by 353 out of 360 shareholders during the company’s 16th Annual General Meeting (AGM) held in Lagos on June 23.
The board’s decision reflects the group’s sustained profitability and commitment to delivering value to investors despite economic headwinds.
Dangote Cement has steadily increased its dividend over the years — from ₦10 per share in 2018, to ₦16 through 2022, ₦20 in 2023, and now maintaining ₦30 for 2024.
This signals the cement giant’s continued financial resilience and strategic growth trajectory.
At the AGM, prominent board members — including Aliko Dangote, Ernest Ebi, Viswanathan Shankar, Cherie Blair, and Douraid Zaghouani — were reappointed following their retirement by rotation. Shareholders also approved a remuneration package of ₦20 million for the Chairman and ₦15 million for each non-executive director for the 2025 financial year.
According to its Q1 2025 financials, Dangote Cement reported a profit after tax of ₦209.2 billion, marking an 85.71% year-on-year increase. Revenue surged to ₦994.6 billion, up from ₦817.3 billion in Q1 2024, while gross profit rose to ₦587.3 billion despite a modest 2.29% increase in the company’s cost of sales to ₦407.2 billion.
Fuel and power remained the largest cost driver, accounting for 43.5% of production costs, followed by raw materials at 21.3%. Other expenses included salaries, plant maintenance, depreciation, and amortization.
On the balance sheet, the company reported ₦6.4 trillion in total assets and a 20.74% rise in retained earnings, reaching ₦1.2 trillion as of December 31, 2024.
Speaking at the AGM, Chairman Aliko Dangote highlighted Nigeria’s transformation into a regional export powerhouse:
“This year, Nigeria became the largest exporter of cement in Africa. We’ve moved from being a net importer to leading the continent in exports — a testament to our operational scale and efficiency.”
He emphasized that Dangote Cement will continue focusing on reducing production and FX-related costs, expanding market share, and driving regional exports to fuel long-term growth.
Compared to peers like BUA Cement and Lafarge Africa, Dangote Cement remains the most aggressive in dividend distribution and pan-African expansion. While BUA recently increased its production capacity, its dividend yield still lags behind Dangote’s. Lafarge, meanwhile, has prioritized reinvestment over shareholder payouts, giving Dangote a clear edge among yield-seeking investors.
As investors look to hedge against inflation and currency volatility, Dangote Cement’s sustained dividend momentum offers a compelling value proposition, positioning the firm as both an industrial leader and an income-generating asset.
