Dangote Group Rewards Shareholders with N59bn Dividend

The wealth of investors in the Dangote Group companies listed on the Nigerian Stock Exchange (NSE) has continued to increase significantly as shareholders of Dangote Flour Mills Plc (DFM) last week on July 5 in Ilorin, ratified a dividend payout of N500 million for the financial year ended December 31, 2011 during the company’s annual general meeting (AGM).

With this development, the total dividend paid out by the companies in the Dangote Group in the 2011 financial year alone have risen to N59.12 billion, with its cement subsidiary, Dangote Cement Plc, leading the way.

Dangote Cement, with three plants across the country and presence in 14 African countries, had earlier this year, paid out N19.36 billion as dividend to its shareholders as well as a bonus of one share for every ten shares held previously. The leading cement company had also paid out N34.86 billion as the final dividend approved for the 2010 financial year.

Another of its subsidiary, Dangote Sugar Refinery Plc (DSR) rewarded shareholders with N3.6 billion dividend, while its salt manufacturing company, National Salt Company of Nigeria Plc (NASCON) equally paid over N1.8 billion as dividend.

Speaking on the development, Chairman of DFM, Alhaji Aliko Dangote disclosed that the Flour subsidiary recorded a turnover of N66.28 billion and gross profit of N9.70 billion. He added that the plan to commence direct and indirect export into neighbouring states of Chad, Cameroun, Senegal and Liberia, was already yielding fruits.

He said: “We intended to intensify efforts to deepen and strengthen the business relationship already established along the West Africa Coast.”

Dangote also said the Noodles subsidiary of the company had been able to improve on its market acceptability in the past financial year.

- Dangote-group.com

 

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