Dangote Cement offers N16 to shareholders after posting N1.03tr revenue in 2020

Dangote Cement offers N16 to shareholders after posting N1.03tr revenue in 2020

Dangote Cement has offered N16 dividend to its shareholders after recording N1.03 trillion revenue last year.

The company disclosed this in 2020 financial statements released on Tuesday.

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The company’s revenue increased from N891.67 billion recorded in 2019 to N1.03 trillion last year.

The cost of sales for Dangote Cement also increased from N379.98 billion recorded the previous year to N437.97 billion in 2020.

Despite the rise in production expenses, the company recorded a profit growth in 2020, grossing N596.22 billion, compared to N511.68 billion for 2019.

Dangote Cement’s profit before tax increased from N250.47 billion in 2019 to N373.31 billion last year.

Profit for the year also increased from N200.52 billion to N276.06 billion during the period.

In response to the 2020 earnings, Dangote Cement board of directors said a final dividend of N16 per share would be paid to shareholders by April 27.

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“A final dividend of N16.00 per share, subject to the appropriate withholding tax and approval, will be payable to shareholders whose names appear in the Register of Members as at the close of business on April 27, 2021,” the report said.

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