Amidst applause by shareholders for the impressive results in the 2023 financial year despite the harsh business operating environment, the Chairman of Dangote Cement Plc, Aliko Dangote, has announced an increase of 50 per cent on dividend payout to the shareholders, from N20 per share paid in the 2022 financial year to N30 for the last financial year 2023.
Dangote also revealed that arrangements are in top gear for thousands of the Company’s delivery trucks to henceforth run on compressed natural gas (CNG) in line with the federal government agenda on adoption of alternative fuel for official vehicles.
The decision, Dangote told excited shareholders at the 15th yearly general meeting of Dangote Cement Plc, held in Lagos was to add to the FG’s quest towards reducing dependence on fossil fuel, thereby enhancing the nation’s energy independence and contributing to a more secure energy future.
“We are now going to start using CNG vehicles, especially with the new policy of the Federal Government, launched by the Renewed Hope Agenda by His Excellency, President Bola Tinubu. By the end of next year, all our trucks that are operating in the company will be running on CNG, and that is a whole lot of money that we are going to invest. But we are equal to the task, and we will continue to push and make sure that we continue to make our shareholders happy.”
The entrepreneur disclosed to the shareholders the Company’s ongoing efforts at ramping up production with the ongoing construction of a new plant of six million metric tonnes per annum at Itori, in Ewekoro local government area of Ogun State, noting that despite the hiccups at the Apapa Port in Lagos, the plant would be completed to time.
Dangote said the company’s impressive performance was in fulfillment of the promise he made of an enhanced Return on Investments (RoI) to the shareholders and other stakeholders in Dangote Cement, assuring them that the following year would even be better.
He expressed satisfaction that Dangote Cement achieved double-digit growth in revenue of ₦2.21 trillion, while the Group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) reached a record high of ₦886.1 billion, increasing by 25.1 per cent.
