Cemento Dangote well positioned for a positive and sustainable future—Dangote

The Chairman of Dangote Cement Plc, Mr. Aliko Dangote, has reassured the company’s shareholders that the cement company was capable of continuing to provide them with value for a long time.

Speaking at the organization’s Extraordinary General Meeting (EGM) in Lagos on Tuesday, he said Dangote Cement had weathered the storm, especially in the last two years, breaking new ground.

“During the last decade, Cemento Dangote has registered exponential growth in all areas.

“Group volumes are now at almost 30 Mta, our capacity has tripled to 51.6 Mta and we export cement from five countries in Africa,” he said at the event, where Dangote Cement shareholders unanimously authorized the management of the company to undertake a participation repurchase of up to 10 percent of its issued shares, from the date of the resolution.

“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability and determination. These values ​​are what we must face in unpredictable times in the future.

“Dangote Cement remains the leading cement company in Africa, well positioned for a positive and sustainable future. We are determined to transform Africa while creating sustainable value for our stakeholders,” added Mr. Dangote.

trade publication reports that the cement manufacturer had previously indicated its interest in undergoing a share repurchase program, with respect to up to 10 percent of its issued shares, with the purpose of improving the company’s return on capital and the value of its shareholders in order to facilitate the future long-term growth of the company.

Tuesday’s approval, via vote, registered 100 percent shareholder approval, with many describing the exercise as highly laudable and a win-win situation.

Among other resolutions, the shareholders authorized that the “Deed and Bylaws of the company be modified (as appropriate), once the share repurchase is completed, to reflect the capital stock of the company, after the cancellation (if any) of the shares acquired and/or otherwise held by the company.”

The board was also empowered to ensure that the amendment to the company’s bylaws reflects the company’s share capital after cancellation (if any) of the shares acquired and/or held by the company.

It should be recalled that shareholders, at the company’s recent 13th Annual General Meeting (AGM), also praised the company’s management for an impressive performance despite the economic challenges of the year in review.

They unanimously approved N20 per share for the year ended December 31, 2021, compared to N16 paid the previous year, representing a 25% increase in dividend compared to the 2020 dividend of N16.00 per share. action, reinforcing the company’s commitment to maximizing shareholder value. They also applauded the company for its push to reduce the company’s unclaimed dividends.

Dangote Cement, in the year under review, achieved its highest pre-tax profit in its history with N538.4 billion. Likewise, the Company registered Group volumes of 29.3Mta, 13.8% more. An exceptional EBITDA of N684.6 billion, an increase of 43.2 percent, was achieved due to strong cost control measures.

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