Written by Friday Ekeoba, LagosMonday, 03 October 2011
Despite the harsh economic realities, Dangote Group of Companies , last week, increased investors’ wealth in the capital market as Dangote Flour Mills paid a dividend of N1.9 billion for the year ended December 31, 2010.
This increased the total dividend paid by the four companies within the group to N76.24 billion, compared to N60.21 billion paid as dividends in 2009.
The total dividend paid out by the Dangote companies became more significant against the background that many quoted companies could hardly make profit owing to the harsh economic and operating environment.
Listed members in the Dangote Group, which have since declared profit in their 2010 business year, are Dangote Flour Mills Plc; Dangote Sugar Refinery Plc; Dangote Cement Plc and National Salt Company of Nigeria Plc (NASCON).
According to a statement from the group, “going by the annual reports and accounts of the listed companies, Dangote Cement paid N 65.84 billion; Dangote Sugar paid N7.2 billion, while NASCON paid N1.3 billion dividend.”
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 a result of unfavourable investment climate in Nigeria.
He said: “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.”
Another shareholder said that “we are very pleased with the performance of member companies of the Dangote. The performance of these companies is a delight to shareholders, proving that with good management, any company can excel.”
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