By Nkiruka Nnorom
Shareholders of Dangote Cement Plc, yesterday commended the Management of the company for an impressive performance despite the economic challenges in the year under review.
Unanimously, the shareholders approved N272.6 billion as dividend, translating to N16 per share for the 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 shareholders at the virtual 12th Annual General Meeting (AGM) held in Lagos commended the management for the full disclosure provided for the year, share buyback process and the various donations made at COVID-19 pandemic.
Speaking on behalf of shareholders, the founder, Independent Shareholders Association of Nigeria, Sir Sunny Nwosu commended the company for attaining a trillion-naira revenue growth, saying that the Company is moving in the best way of corporate governance.
Chairman of the company, Aliko Dangote, assured the shareholders of better returns always, noting that the company is doing everything possible to create wealth for its that the board is considering all strategic and financial options for the company.
“We will continue to improve our efforts in sustainability by applying ‘The Dangote Way’ to the seven Sustainability Pillars of our business culture and operations. We are also focused on increasing capacity in the Nigerian market and building grinding plants across West and Central Africa to be fed clinker from Nigeria.”
He noted further that, “We welcome the Africa Free Trade Agreement which supports our export strategy and long-term growth in Africa. ”
Also, the Group Managing Director/CEO of Dangote Cement Plc, Michel Puchercos said that despite the impact of the COVID-19 pandemic, 2020 was a record year for Dangote Cement across board.On share buyback, he stated that Dangote Cement is constantly exploring ways of creating value for its shareholders, in addition to its consistent dividend and capital appreciation. He said:
“The company has also been pursuing several options such as the share buyback programme to return cash to its shareholders.”
He added that, “Our strategy is to make the company more attractive to investors in the near term and for future long-term growth.”
Puchercos said that, “The outlook for the company is very positive as we are focused on meeting the demand locally and across Africa. We look forward to the African Continental Free Trade Agreement supporting our export strategy to West and Central Africa.”