Shareholders of Dangote Cement Plc have approved a final dividend of N30 per share for the financial year ended December 31, 2024, reinforcing the company’s position as one of the most shareholder-friendly firms on the Nigerian Exchange.
The approval, given at the company’s 16th Annual General Meeting (AGM) held in Lagos on June 23, 2025, saw 353 out of 360 shareholders voting in support of the dividend, which translates into a record-breaking payout of N506.21 billion.
The dividend, paid from retained earnings totaling N1.2 trillion, reflects the group’s expanding profitability and sustained cash generation, even amid an inflationary domestic economy, volatile exchange rates, and rising energy costs. The payout also underscores the strength of Nigeria’s equities market, which has put up a performance that defies the country’s macroeconomic headwinds.
At the same AGM, shareholders also reappointed Aliko Dangote, Ernest Ebi, Viswanathan Shankar, Cherie Blair, and Douraid Zaghouani to the board after their mandatory retirement by rotation. In line with the company’s governance framework, they also approved N20 million in annual remuneration for the Chairman and N15 million each for non-executive directors for the 2025 financial year.
Chairman Aliko Dangote used the occasion to affirm Nigeria’s growing stature in Africa’s cement industry. He stated that Nigeria is now the continent’s largest exporter of cement, surpassing countries that once dominated the trade. According to him, the country has transitioned from being a major importer to becoming Africa’s top supplier, thanks in large part to the aggressive export and production strategy adopted by Dangote Cement.
“Our focus remains on reducing production and forex-related costs, expanding our market footprint, and strengthening exports. We are now earning significant foreign exchange through outbound shipments, which is helping stabilize our operations and contribute to the economy,” he said.
Dangote Cement’s performance in the first quarter of 2025 reflects that strategic focus. Revenue for the quarter rose to N994.6 billion, up sharply from N817.3 billion in the same period of 2024. Despite a marginal 2.29% increase in the cost of sales to N407.2 billion, the company recorded a gross profit of N587.3 billion, driven by pricing strength and volume growth.
Fuel and power costs continued to account for the bulk of production expenses, consuming 43.5% of the cost structure, followed by raw materials at 21.3%. Still, the company’s profit after tax surged 85.71% to N209.2 billion, highlighting how operational efficiencies and export-led revenue are helping shield earnings from local economic disruptions.
Dangote Cement’s total assets now stand at N6.4 trillion, while retained earnings jumped 20.74% year-on-year to N1.2 trillion. This strong financial position has enabled the company to consistently reward investors. The N30 dividend for FY 2024 matches the figure declared for the 2023 financial year, consolidating a dividend trend that has seen steady increases since 2018.
In that time, the payout grew from just above N10 per share to N16 in 2022, then N20 in 2023, and finally N30—delivered back-to-back. With the company’s share price currently at N440, the dividend yield stands at 6.81%, making it one of the most attractive stocks for income-seeking investors.
While Nigeria continues to grapple with rising inflation, high interest rates, currency devaluation, and sluggish industrial growth, the Nigerian stock market has largely bucked the trend. Dangote Cement, along with other companies in the banking, telecom, and fast-moving consumer goods sectors, has helped lift the NGX All Share Index, which continues to post double-digit gains in the face of domestic economic adversity.
Analysts say this is partly due to increased participation by institutional investors, as well as the shift toward companies that generate foreign exchange or hold significant dollar-denominated assets. Dangote Cement fits both profiles, thanks to its export capacity and pan-African footprint.
With ongoing investments in alternative fuels, expanded terminals for exports, and cost-saving technologies, Dangote Cement appears positioned not only to maintain its dominant market share but to deepen its strategic relevance across Africa’s construction and infrastructure boom.
The N30 per share dividend signals confidence in that trajectory, and in a market environment clouded by uncertainty, shareholders are now looking to Dangote Cement not just as a strong performer—but as a stabilizing force on the Nigerian Exchange.
