Nigerian business magnate, Aliko Dangote, makes about N20.13 billion from cement sales every day. This is according to the Group Managing Director of Dangote Cement Plc, Joseph Makoju, who disclosed that the cement company sells not less than 8 million bags of cement products to the market daily.
Majoku said the company, which is ranked among 10 top producers of cement in the world, on a daily basis, dispatches “about 40,000 tonnes of cement. Every ton is 20 bags. If you calculate, you will get eight million bags. So, we push out eight million bags of Dangote Cement every day.”
Nairametrics understands that since the company sells 8 million bags of cement every day, and sells 600 bags for N1,510,000, no fewer than N20.13 billion would be recorded as cement sales for Dangote every day.
Performance: Dangote Cement Plc appears to be at its best for 2018 fiscal period, as the Chairman of the company was quoted to have said last year was the most successful period in the company’s history. This, however, explains the 52.4% increment of the dividend declared by the company.
Specifically, Dangote cited the 7.4% leap in the group cement sales as the principal factor that informed increase in the proposed dividend. The group cement sales rose to 23.5 million tonnes with a corresponding rise in revenue to N901.2 billion.
The company has consistently declared dividends since it became a quoted company on the Nigerian Stock Exchange with N2, N2.25, N1.25, N3, N7, N6, N8, N8.50, and N10.50 declared for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 and 2017 financial years.
About Dangote Cement Plc: The company is a leading cement manufacturing firm headquartered in Lagos, Nigeria with operations in nine other African countries.
The business model entails manufacturing, preparation, import, packaging, and distribution of cement and other related products. It is reputed to be the most capitalised company on the Nigerian Stock Exchange.
Dangote Cement Plc traded N170 in the last trading session of the Nigerian Stock Exchange (NSE).
Source: Nairametrics
