Dangote Group Pays N76.2bn Dividend In 2011

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Investors’ wealth in the Dangote Group of companies listed on the Nigerian Stock Exchange (NSE) appreciated last week as Dangote Flour Mills paid a dividend of N1.9 billion for the year ended December 31, 2010.

This brought the total dividend paid by the four companies in the Group which have so far declared their results for the 2010 financial year to N 76.24 billion compared to N60.21billion paid as dividends in 2009.

The total dividend paid out by the Dangote companies becomes more significant against the background of the fact that many quoted companies could hardly make profit owing to the harsh economic and operating environment.

Listed members of Dangote Group, the biggest business conglomerate in sub-Saharan Africa, which have since declared profit in its 2010 business year are Dangote Flour Mills Plc, Dangote Sugar Refinery Plc, Dangote Cement Plc and National Salt Company of Nigeria Plc (NASCON).

Going by the annual reports and accounts of the listed companies, Dangote Cement paid N N65.84 billion, Dangote Sugar paid N7.2 billion, while NASCON paid out N 1.3 billion dividend.

Shareholders commended the management of the companies under the group for rewarding them bountifully despite the economic down turn in the capital market.
Chairman of Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, described the dividend payout as remarkable given that most companies were unable to do so as result of unfavorable investment climate in Nigeria.

“We are encouraged by Alhaji Aliko Dangote. In addition to this, his companies have been creating jobs and feeding Nigerian families. All Nigerians should emulate him. We are very pleased with the performance of member companies of the Dangote Group on the NSE. The performance of these companies is a delight to shareholders proving that with good management, any company can excel,” he said.

He added that at a period when banks are not paying dividends, while those paying are only offering miserly amounts, the four companies under the group have done well for the shareholders.

Addressing shareholders of Dangote Flour Mills weekend in Kano, Chairman of the company, Alhaji Aliko Dangote, said that the board and management would continue to work hard so as to deliver improved returns to shareholders.

He said that going forward, Dangote Flour Mills would perform better as the expansion project of the company to enlarge its manufacturing and packaging facilities, which started some years back was almost completed.

“Our dedicated plant for production of our wheat meal brand Alkama and Danvita would soon be ready for commissioning any moment from now.

This would no doubt, tremendously boost our top line growth in year 2011 as plans are already in place to massively launch the products and increase the distribution networks to all the hinterlands,” he said.


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