Dangote Group Subsidiaries Pay N59bn Dividend in 2012
Shareholders of three Nigerian Stock Exchange (NSE) listed subsidiaries of the Dangote Group, have made bumper returns on their investments.
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 N59billion as dividends.
The Group's flagship, Dangote Cement led the pack with a total dividend payout of N51billion. Dangote Sugar rewarded the shareholders with N6billion while Dangote Salt (NASCON) paid out N2.3billion as dividends.
For Dangote Cement, the dividend approved by the shareholders at the 2012 Annual General Meeting (AGM), held in Abuja in May 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.
A statement from the 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. Chairman of the three subsidiaries, Aliko Dangote attributed the performance of the companies to strong management focus on profitability and growth.
Shareholders 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.