Dangote Group disburses N59bn dividends to shareholders
By PETER EGWUATU
Dangote Group companies listed on the Nigerian Stock Exchange (NSE) has continued to reward its shareholders as Dangote Flour Mills last week, paid out a dividend of N500 million for financial year ended December 31, 2011 during the company’s Annual General Meeting (AGM).
By this development, the total dividend paid out by the companies in the Dangote Group in 2011 financial year alone have climbed to N59.12 billion, with its Cement subsidiary leading the way.
It would be recalled that the Dangote Cement Plc with three plants across the country and presence in 14 African countries 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 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 rewarded shareholders with N3.60 billion dividend, while its Salt manufacturing company, National Salt Company of Nigeria (NASCON) equally paid over N1.8 billion as dividend.
Speaking on the development, Chairman of Dangote Flour Plc, Alhaji Aliko Dangote disclosed that the Flour Group 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, pointing out that “We intended to intensify efforts to deepen and strengthen the business relationship already established along the West Africa Coast.”
Dangote noted that the Noodles subsidiary of the company had been able to improve its market acceptability in the past financial year.