Dangote Cement Plc shareholders on Wednesday praised the company management for an impressive performance despite the economic challenges in the immediate past business year.
At the virtual 12th Annual General Meeting (AGM), the shareholders held in Lagos commended the management for their full disclosure provided for the year, share buyback process, and the different donations made at the COVID-19 pandemic.
The shareholders of Dangote Cement Plc have approved the N272.6bn dividend translating to N16 per share for the 2020 financial year ended December 31, 2020.
The 16 per cent increase in the company’s revenue led to a 36 per cent increase in its earnings per share of N16.14 as against N11.29 in 2019.
The Chairman of Dangote Cement Plc, Aliko Dangote, assured the shareholders of better returns always, noting that the company was doing everything possible to create wealth for its shareholders and other stakeholders.
He further said despite the challenging year surrounding by COVID-19 pandemic, 2020 was a record year for us across the board.
The chairman also stated that, In 2020, we commissioned our Apapa and One export terminals in Nigeria and commenced clinker exports to West and Central Africa. The vision for our exporter strategy is to make West and Central Africa cement and clinker self-sufficient, with Nigeria as the major supplier and exporter. We also remain focused on meeting the demand in Nigeria and as such, we increased our capacity by three metric tones (MT) on Obajana and we commissioned our gas-fired power plant in Tanzania.
The founder of the Independent Shareholders Association of Nigeria, Sir Sunny Nwosu speaking on behalf of the shareholders commended the company for achieving trillion-naira revenue growth, he said that the Company is moving in the best path of corporate governance.
He appealed to the company to prevail on its numerous distributors who arbitrarily sell cement at very high costs as against the original factory price, thereby making so much profit for themselves.
Also, among the shareholder, Nonah Awoh applauded the board for the consistency in dividend payout, urging the board to consider payment of dividend twice a year.
by our Reporter.