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Dangote Group subsidiaries pay N59bn dividend *Dangote discloses secret

By News Express on 11/06/2013

Views: 2,815


Shareholders of three Nigerian Stock Exchange (NSE) listed subsidiaries of the Dangote Group have made bumper returns on their investments, News Express learnt this afternoon.

Disclosing the secret behind the remarkable performance of the companies despite operating in  a challenging business environment, Chairman of the three subsidiaries, Aliko Dangote, attributed it to strong management focus on profitability and growth.

Figures released by the Dangote Group disclosed that as at end of December 2012 financial year, Dangote Cement Plc, Dangote Sugar Refinery Plc (DSR) and National Salt Company of Nigeria Plc (NASCON), altogether paid N59 billion as dividends.

The Group’s flagship, Dangote Cement, led the pack with a total dividend payout of N51 billion; Dangote Sugar Refinery (DSR) rewarded the shareholders with N6 billion; while Dangote Salt (NASCON) paid out N2.3 billion as dividends.

For Dangote Cement, the dividend approved by the shareholders at the 2012 Annual General Meeting (AGM), held last month in Abuja, the Nigerian capital, translated to an unprecedented 300 kobo per share. DSR enriched shareholders with 50 kobo for every one ordinary share of 50 kobo, while NASCON paid each shareholder 90 kobo for every 50 kobo ordinary share held.

Dangote Group said the dividend payout from the subsidiaries are significant given that many quoted companies could not pay good dividends, while others recorded either declining profits or outright loses.

Shareholders have showered encomiums on the board and management of the business units for recording sterling performances in the financial year under consideration, despite the inclement operating environment.

Photos shows Dangote Group President/CEO, Aliko Dangote.

Source News Express

Posted 11/06/2013 9:19:23 PM

 

 

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