By Aduragbemi Omiyale
The Chairman of Dangote Cement Plc, Mr Aliko Dangote, has reassured shareholders of the company that the cement firm was capable of continuing to deliver value to them for a long time.
Speaking on Tuesday at the extraordinary general meeting (EGM) of the organisation in Lagos, he said Dangote Cement had weathered the storm, especially in the last two years, breaking new ground.
“Over the last decade, Dangote Cement has recorded exponential growth across all areas.
“Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta, and we export cement from five countries across Africa,” he said at the event, where shareholders of Dangote Cement unanimously authorised the management of the company to undertake a share buyback of up to 10 per cent of its issued shares, effective 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 grit. These values are what we need to 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 resolute in transforming Africa while creating sustainable value for our stakeholders,” Mr Dangote added.
Business Post reports that the cement maker had earlier indicated an interest in undergoing a share buyback programme, in respect of up to 10 per cent of its issued shares, for the purpose of improving the company’s return on equity and its shareholders’ value so as to facilitate the future long-term growth of the company.
The approval on Tuesday, through voting, recorded 100 per cent approval from the shareholders, with many of them describing the exercise as very laudable and a win-win situation for them.
Among other resolutions, the shareholders authorised that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”
The board was also authorised to ensure that the amendment of the Articles of Association of the company reflects the company’s share capital following the cancellation (if any) of the shares acquired and/or otherwise held by the company.
It would be recalled that the shareholders, at the company’s recent 13th Annual General Meeting (AGM), also commended the company’s management for an impressive performance despite the economic challenges in the year under review.
Unanimously, they approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year, representing a 25 per cent increase in dividend compared with the 2020 dividend of N16.00 per share, reinforcing the company’s commitment to maximising shareholder value. They also applauded the company for its drive to reduce unclaimed dividends of the company.
Dangote Cement, in the year under review, achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 per cent, owing to strong cost control measures.