Aliko Dangote Promises Dangote Cement’s Shareholders Higher Returns
Africa’s richest man, Aliko Dangote says Dangote Cement Plc is set to unlock higher returns and value for its shareholders and stakeholders.
He made this statement at Dangote Cement’s 14th Annual General Meeting (AGM) held in Lagos today. Speaking at the meeting, the Chairman of Africa’s largest cement producer explained the company’s strategy of improving regional trade within Africa by building plants across West and Central Africa while driving organic growth in Nigeria and Pan-Africa.
He said, “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our other stakeholders… Our strategy remains steadfast, focused on organic growth in Nigeria and Pan-Africa while ensuring that Africa’s regional integration becomes a reality,”
Dangote Cement Plc: a story of true growth
Over the last twelve years, Dangote Cement Plc has witnessed a significant level of growth in its revenue. Reports say under Dangote’s leadership, the company achieved its highest revenue and EBITDA in history, with $3.52 billion and $1.53 billion, respectively, at the end of its fiscal year 2022.
Dangote said, “We recorded revenue and EBITDA growth of 17 per cent and 3.5 per cent from the prior year respectively, albeit under unprecedented inflationary pressure. We also achieved a profit after tax of N382.3 billion ($830 million), up 4.9 per cent compared to 2021.”
The Nigerian business magnate noted that the company’s numerous cost containment measures and its ability to substitute higher-cost fuel for cheaper alternative fuel products helped in reducing the group’s cost base and enhancing their flexibility. He also added that their efforts enabled the Company to respond more effectively to changes in the market.
Speaking further, Dangote stated that the management will continue to improve on quality product delivery to millions of its customers across Africa.
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