Dangote Cement has recorded its highest-ever earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching N1.38 trillion for the 2024 financial year. This marks a 56% jump compared to the previous year and the first time the company has crossed the N1 trillion threshold.
The company also reported a 62.2% year-on-year growth in revenue, which stood at N3.58 trillion. Earnings per share rose by 12.3%, increasing from N26.47 in 2023 to N29.74 in 2024.
At the company’s annual general meeting, shareholders unanimously approved a dividend payout of N30 per share, amounting to N502.6 billion. Investors praised the company’s management and board for their commitment to shareholder value.
Chairman Aliko Dangote attributed the strong performance to efficient pricing strategies and a rise in cement demand, especially in Nigeria. He emphasized the company’s focus on cost leadership and quality across all operating countries. It was made possible by investing in modern, high-efficiency plants sourced from Europe, China, and other regions.
Beyond profits, the company also expanded its corporate social responsibility efforts. CSR spending rose by nearly 470%, hitting N13.2 billion. The funds supported education, health, agriculture, infrastructure, and youth empowerment initiatives.
Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders, commended the management for maintaining strong returns despite tough economic conditions, including forex instability and expansion-related costs. He said the impressive dividend reflects the resilience and business acumen of the leadership.
Mrs. Bisi Bakare, Chairperson of the Pragmatic Shareholders Association of Nigeria, expressed satisfaction with the company’s consistent dividend payouts. She described the N30 dividend as a sign of strong governance and high-quality leadership, adding that Dangote Cement offered the highest dividend among manufacturing firms in the year under review.
Looking ahead, Dangote announced plans to commission a new 3 million metric tonnes per annum (MTA) grinding plant in Côte d’Ivoire and a 6MTA integrated facility in Itori, Ogun State. He also revealed the acquisition of 1,500 Compressed Natural Gas (CNG) trucks to replace diesel trucks—a move aimed at reducing costs and cutting emissions. Plans are in motion to expand this eco-friendly fleet to 3,000 trucks.
