Dangote to pocket N292.12bn in dividend from cement business
Africa’s richest man Aliko Dangote is set to pocket N292.12 billion in dividend from his cement business after record sales.
According to Dangote cement‘s 2022 financial year result, the company made over N1.6 trillion in revenue.
This is a 16.96% increase compared to N1.38 trillion recorded in 2022.
The reports also revealed the directors of Dangote Cement approved a final dividend of N20 per share, subject to the appropriate withholding tax, and which translates to a total dividend of N340.18 billion.
Interestingly, out of that Dangote is set to earn N292.1 billion.
The billionaire businessman and philanthropist has total shareholdings (direct: 27.42 million shares and indirect: 14.62 billion shares).
This means that out of 14.89 billion shares, Dangote owns 87.40 percent of the total shares outstanding in the company.
Read also:Dangote’s Cement nets N1.61tn in 2022
The cement maker has a dividend yield of 7.33 percent with a price-to-earnings multiple of 15.33.
It is noteworthy that the dividend that Aliko Dangote will be paid is 76.43 percent of full-year profit, which means he has enough cash in hand to reinvest into the business to finance future expansion.
Many owners of the thirty most liquid and capitalized firms or NGX 30 index earn hefty dividends from distributable profit because of their overwhelming shareholdings.
In law, it is said that minority shareholders have a say while the majority ones have their way.
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