Dangote Cement Plc has secured shareholder approval for a dividend of N30 per ordinary share for the financial year ended December 31, 2024, with 353 out of 360 shareholders voting in favor.

The approval was granted at the company’s 16th Annual General Meeting (AGM) held on June 23, 2025, in Lagos, Nigeria.

At the AGM, board directors Aliko Dangote, Ernest Ebi, Viswanathan Shankar, Cherie Blair, and Douraid Zaghouani were reappointed following their retirement by rotation.

In addition, shareholders approved an annual remuneration of N20 million for the Chairman and N15 million each for non-executive directors for the year ending December 31, 2025.

Addressing shareholders, Chairman Aliko Dangote highlighted Nigeria’s growing leadership in cement exports, stating:

“This year, Nigeria has become the largest exporter of cement across Africa. We’ve gone from being a major importer to now outpacing every other African country in exports.” 

On the company’s performance and outlook, he added:

“Our focus is on reducing production and foreign exchange costs, expanding our market share, and driving stronger export performance.” 

According to Dangote Cement’s Q1 2025 financial report, the company’s cost of sales rose slightly by 2.29%, reaching N407.2 billion, compared to N398 billion in the same period last year.

Despite higher costs, the company posted a gross profit of N587.3 billion, driven by strong revenue of N994.6 billion, up from N817.3 billion in Q1 2024.

This topline growth helped absorb the impact of rising production costs.

As a result, profitability improved significantly, with profit after tax soaring 85.71% to N209.2 billion.

The company confirmed that the N30 per share dividend will be paid from retained earnings reported as of December 31, 2024.

Dangote Cement’s final dividend of N30 per share for the 2024 financial year amounts to a total payout of N506.21 billion.

Since 2018, the company has consistently paid dividends above N10 per share, increasing the payout to N16, which it sustained through 2022.

In 2023, the dividend was raised to N20, and later to N30 for that financial year.

That upward momentum has continued into FY 2024, with the company maintaining the N30 dividend benchmark.