The shareholders of the major cement manufacturers are to share a total of N609.55 billion in dividends for the 2023 financial year.
The amount is an increase of 30.3 percent over N467.85 billion declared in the 2022 financial year.
The companies are BUA Cement Plc, Lafarge Africa Plc, and Dangote Cement Plc.
Dangote Cement according to the breakdown of the N609.55 billion declared a N30.00 per share dividend, translating into N511.22biillion in the 2023 financial year, while BUA Cement proposed N2.00 per share as a dividend, which is equivalent to N67.7biillion.
Lafarge Africa proposed a dividend of N1.90 per share, translating into N30.6biillon worth of returns to shareholders.
In the period under review, the three cement makers generated N701.34 billion profit before tax, representing an increase of 1.2 percent from N693.32 billion in 2022.
Dangote Cement declared one of the highest profits before tax in 2023, generating N553.1billon profit before tax in 2023, a growth of 5.55 percent from N524billion profit before tax, followed by Lafarge Africa reported N78.78billiion profit before tax in 2023 from N68.31billion reported in 2022.
In addition, BUA Cement reported N69.45billion billion profit before tax in 2023 from N101.01 billion reported in 2022, a decline of 31.2 percent.
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