Africa’s richest man, Aliko Dangote, is set to pocket almost $650 million (UShs2.4 trillion) in dividends from profits made by his Dangote Cement in 2018.
Dangote Cement PLC recently released its FY’18 results, reporting sales of $2.5 billion, up 12.11% from $2.23 billion in 2017. Profit before tax stood at $835.5 million while profit after tax was $1.08 billion. Dangote Cement’s bottom line was buoyed by a $247 million Group tax credit from the authorization of the pioneer tax status on the Ibese Production lines 3&4 as well as Obajana line 4.
Dangote Cement’s results led the board to propose a dividend payment of NGN16.00 ($0.044) per ordinary share, which is to be approved by the shareholders during the Annual General Meeting later in June. Dangote, who owns roughly 85% (or 14.5 billion ordinary shares) of Dangote Cement, held in his name and through his wholly-owned holding company, Dangote Industries, will pocket more than N232.3 billion, just over $645 million, using the prevailing exchange rate of $1 = N360.
Dangote Cement is Africa’s largest cement company, producing an aggregate of more than 50 million metric tonnes per annum through plants located in Nigeria, South Africa, Senegal, Ethiopia and Zambia among other countries. Dangote, 61, has said he plans to list the company on the London Stock Exchange in 2020.
Aliko Dangote (in featured photo) is the wealthiest black man in the world with a fortune FORBES estimates at $10.8 billion.
