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Dangote acquires additional N1.45b Dangote Cement’s shares - Seemberg News

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Dangote acquires additional N1.45b Dangote Cement’s shares

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Dangote Industries Limited (DIL), the majority core investor in Dangote Cement Plc, has acquired additional shares worth N1.45 billion in the cement company. DIL is the holding company of Alhaji Aliko Dangote, Africa’s richest man.

Transaction details obtained at the Nigerian Stock Exchange (NSE) indicated that DIL acquired 8.59 million ordinary shares of 50 kobo each of Dangote Cement at N169 per share. The transaction was concluded last week.

Another insider in the cement company, Vetiva Securities also acquired 613,984 shares valued at N104.22 million at N169.74 per share. Vetiva Securities is an affiliate of Vetiva Capital Management Limited, a financial adviser to Dangote Cement.

Dangote Cement, Nigeria’s largest quoted company and Africa’s largest cement company, distributed N272.65 billion to shareholders as cash dividend for the 2018 business year as the cement group announced a steady performance during the year.

The Alhaji Aliko Dangote-led board of directors of Dangote Cement approved 52.4 per cent increase in cash dividend after the cement group’s net earnings jumped by 91 per cent to N390.33 billion. Shareholders received a dividend per share of N16 for the 2018 business year as against N10.50 paid for the 2017 business year.

The increase in dividend payout sustained an upward trajectory in payouts. Shareholders had received N178.9 billion or N10.50 as cash dividend for the 2017 business, representing 23.5 per cent on a dividend per share of N8.50 paid for the 2016 business year. Aliko Dangote’s Dangote Industries Limited (DIL) holds more than 75 per cent controlling equity stake in Dangote Cement.

Key extracts of the audited report and accounts of Dangote Cement for the year ended December 31, 2018 released yesterday at the Nigerian Stock Exchange (NSE) showed that turnover rose by 11.87 per cent from N805.58 billion in 2017 to N901.21 billion in 2018. Profit before tax increased slightly by 3.87 per cent to N300.81 billion in 2018 compared with N289.59 billion in 2017. Tax gain of N89.52 billion boosted net profit after tax to N390.33 billion in 2018 as against N204.25 billion recorded in 2017, when the company paid taxes of N85.34 billion.

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