Dangote Cement shareholders demand bonus

The shareholders of Dangote Cement Plc on Wednesday insisted on being paid bonus in spite of their acceptance of N144.8billion for 2016 dividend, indicating N8.50 kobo per share as against N8 per share paid in the corresponding period of 2015, they however demanded for payment of bonus.

Calling on the board for bonus in the 2017 business year, they however commended the the board, management and staff of the company for their hard work.

One of the shareholders, President of Amiable Shareholders Association of Nigeria, Festus Akano said the shareholders were pleased with Aliko Dangote and his team.

He explained that for the company to pay dividend despite the recession in the economy, which also affected their operations “shows the doggedness and the fighting entrepreneurial spirit of the Management”.

“We are very happy and pleased with this result. 2016 was very tough with the recession and fluctuation in the foreign exchange market which the Chairman also said affected their operations, but despite all these challenges, the company was still able to pay us a very good dividend, better than last year, and even gave us hope of better returns on our investments in the years to come. This is very commendable and it is only a company like Dangote Cement that can achieve this laudable feat.”

While addressing the shareholders, the Chairman of the company, Aliko Dangote said the company’s strategy in every country of operations is to be the leader on costs, quality and service.

He said the company build large, modern, highly efficient plants that combine the latest equipment from Europe, China and beyond to enable it make higher-quality cement at lower costs, thereby giving it strong competitive advantages.

“Looking back at the 2016 financial year, I am pleased to report that our cement sales volumes increased by 25.0 per cent to nearly 23.6Mt. Of this, almost 14.8Mt was sold in the Nigerian market. Revenues increased by 25.1 per cent to ₦615.1B, of which 68.3 per cent was generated in Nigeria (excluding eliminations) and 31.7 per cent from Pan-African operations. Our earnings before interest, depreciation and amortisation (EBITDA) decreased only slightly, to ₦257.2 billion, with Pan-African operations contributing ₦26.5 billion, excluding central costs. Earnings per share increased by 4.5 per cent to ₦11.34”.