Africa’s richest man, Aliko Dangote, is set to receive a $293.2 million dividend payout from Dangote Cement Plc, reinforcing his dominance in the continent’s cement industry. The payout comes after the company posted $2.4 billion in revenue and a $335.75 million profit for 2024, despite a turbulent year that saw its share price drop over 30%.
Dangote Cement’s Performance in 2024
Dangote Cement, Africa’s largest cement producer with an annual production capacity of 52 million tonnes, reported a 62% revenue surge from $1.47 billion in 2023 to $2.4 billion in 2024.
•Nigerian operations: Revenue rose from $860.6 million to $1.46 billion, driven by increased cement prices.
•Pan-African operations: Revenue increased from $617.7 million to $987.4 million, benefiting from forex gains due to the naira devaluation.
Despite rising administrative, selling, and finance costs totaling $467.2 million, net profit grew from $303.9 million in 2023 to $335.75 million in 2024.
Dangote’s Stake and Dividend Payout
With an 87.45% stake (14.65 billion shares), Dangote is the biggest beneficiary of the N502.56 billion ($335.3 million) dividend payout, scheduled for June 23, 2025.
•Dangote’s total dividend: N439.47 billion ($293.2 million)
•Dividend per share: N30 ($0.02)
Dangote Cement’s share buybacks over the past year have increased his control, raising his stake from 86% to 87.45%.
Outlook for Dangote Cement
While Pan-African operations posted a $16.3 million loss, Dangote Cement remains a key player in Africa’s cement market, with operations in South Africa, Senegal, Zambia, Ethiopia, Tanzania, Congo, Cameroon, Ghana, Sierra Leone, and Côte d’Ivoire.
Despite market challenges, the unchanged dividend payout of N30 per share reflects the company’s commitment to rewarding shareholders while maintaining financial stability.
