By Gbenga Agbana

Friday, 26 Nov 2010

Dangote Cement Plc, a company recently quoted in the building materials sub-sector of the Nigerian Stock Exchange has announced an interim dividend of N30.98bn for the period ended September 30, 2010.

A statement from the company on Thursday said the interim dividend was part of the group‘s strategy of enhancing and growing shareholders‘ value through consistent dividend payment.

The interim dividend also fulfills the promise by the company‘s board of directors to pay an interim dividend to shareholders. Dangote Cement Plc emerged from the merger between Dangote Cement Plc and Benue CementCompany Plc and the merger created the biggest company listed on the Nigerian Stock Exchange.

In the review period, the company reported a turnover of N146.56bn. According to the unaudited financial results, turnover rose by N55.26 bn or 37.71 per cent, when compared to the N91.30 bn posted in the corresponding period of 2009.

Further review of the company‘s results indicated that profit before tax rose by N30bn or 39 per cent to the N76.93bn, compared to N46.93bn recorded in the corresponding period of 2009.

Profit after tax also rose by N30.16bn or 40.05 per cent to N75.30bn in contrast to N45.14bn the preceding year.

With the payment of N30.98bn as interim dividend, investors in the companies under the Dangote Group, which are listed on the Exchange, have received a total dividend of N60.21bn.

Dangote Group, the biggest conglomerate in sub-Saharan Africa, according to the statement, has Dangote Flour Mills Plc, Dangote Sugar Refinery Plc, Dangote Cement and National Salt Company of Nigeria, as its subsidiaries listed on the NSE.

According to the annual reports and accounts of the listed companies, Dangote Sugar Refinery paid a dividend of N12bn, which translates into N1 per share, while BCC paid N3.9bn, which also translates into a dividend of N1 per share. NASCON paid a dividend N1.325bn, amounting to 50 kobo per share, while Dangote Flour Mills paid N4bn, representing 80 kobo per share.

 

Source: Punch