Dangote Cement declares dividend, bonus
Dangote Cement Plc (DCP) has declared a dividend of 125 kobo per share for the financial year ended December 31, 2011. The company also declared bonus issue of one share for ten shares previously held.
According to the company’s financial statement released on the floor of the Nigerian Stock Exchange (NSE) yesterday, all performance measurement indicators trended upwards.
The company recorded a turnover of N235.70 billion compared to N202.57 billion indicating a 16 percent growth while gross profit rose to N139.08 billion in contrast to N121.28 billion representing a 14.69 percent increase.
Operating profit was on the upward swing rising by 13.90 percent, from N102.97 billion to N117.33 billion while profit after taxation while retained profit surged from N105.32 billion to N125.48 billion.
President of Dangote Group, Alhaji Aliko Dangote assured the shareholders of good returns on their investments, stating that the significant contributions of the new line in Obajana and commissioning of the six million metric tons Ibese Cement plant this year, will positively affect the company’s turnover and ultimately returns on shareholders investments.
In the 2010 financial year, DCP posted a turnover of N202.565 billion, as against N189.6 billion recorded for the preceding year. While the company’s profit before tax rose by 58.9 per cent to N101.33 billion from the preceding year’s N63.8 billion, profit after tax increased by 73.7 per cent to N106.6 billion from N61.4 billion in 2009.
DCP is planning to list on the London Stock Exchange next year. Already the largest cement producer in sub-Saharan Africa, Dangote Cement is more than doubling capacity this year to 21m metric tonnes, and wants to reach 43m tonnes in 2015. Besides Nigeria, where it has three plants and 70 per cent market share, the company has contracts to construct factories in eight African countries, from Senegal to South Africa to Ethiopia.
The expansion comes at a time of fast growth in Africa, with the IMF forecasting that regional economies will expand by 5.75 per cent this year. This is boosting spending on infrastructure and housing and driving demand for cement.
Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue.
Publication date is 4/5/2012
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