Dangote Cement Plc, a leading pan-African cement manufacturer, has announced that it will pay shareholders whose names are registered in the Company’s Register of Members as of 30 March 2023 a sum of about N340 billion, pending approval at the Annual General Meeting (AGM) slated for April 13, 2023.
The payment will be made the day after the AGM. According to the published notice of the AGM, shareholders with unclaimed share certificates or unclaimed dividends should address their claims to the Registrars, Coronation Registrars Ltd, at [email protected].
In addition, the company has encouraged shareholders to open bank accounts, stockbroking accounts and CSCS accounts for receiving dividend payments electronically. It is worth noting that pursuant to the provision of Section 187 of CAMA 2020, the treasury shares are not entitled to dividend and voting rights.
The AGM will also cover the usual business of laying the audited financial statements for the Year Ended 31 December 2022, including the reports of the Directors, Auditors and the Audit Committee.
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The company will declare a dividend, elect/re-elect Directors, authorise the Directors to fix the remuneration of the Auditors for the 2023 financial year, disclose the remuneration of Managers of the Company and elect shareholders’ representatives of the Statutory Audit Committee.
If thought fit, the AGM will also fix the remuneration of the Directors. In the financial statements of the organisation for 2022, the gross earnings for the Group increased to N1.6 trillion from the N1.4 trillion recorded in the preceding year, largely due to the higher revenue generated from cement and clinker sales, with a significant chunk coming from the domestic market.
The company’s revenue also increased by 21 per cent to N1,205 billion as against N993 billion recorded for the preceding year.
While the group’s earnings per share increased by 5 per cent to N22.27 billion as against the preceding year’s N22.42 billion, the company’s earnings per share increased by 6 per cent to N23.87 billion as against N22.42 recorded for the preceding year.
It is clear that Dangote Cement Plc has had a successful year in terms of revenue and earnings growth, and shareholders can look forward to a substantial payout pending approval at the upcoming AGM.
The company’s commitment to improving its electronic payment system and transparency with regards to unclaimed dividends will undoubtedly be welcomed by shareholders.