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Dangote Cement Aligns with Federal Government’s Green Energy Initiative, Reports Strong Financial Performance at 15th AGM

During the 15th Annual General Meeting of Dangote Cement Plc, Chairman Alhaji Aliko Dangote announced the company’s strategic support for the Federal Government’s initiative to promote alternative energy and reduce reliance on fossil fuels by transitioning to Compressed Natural Gas (CNG) vehicles. This move aligns with President Bola Tinubu’s administration’s plan to introduce 2,700 CNG buses and tricycles.

Dangote Cement achieved impressive financial results in 2023, including a 36.4% increase in group revenue to N2,208.1 billion, a 25.1% rise in EBITDA to N886.1 billion, and a 19.2% increase in Profit After Tax to N455.6 billion. The company also announced a 50% increase in dividend payout to N30.00 per share.

Group Managing Director Arvind Pathak highlighted the company’s successful diversification strategies, robust cost control measures, and significant progress in expanding production capacity across Africa. Shareholders expressed satisfaction with the company’s performance and optimism for future dividends.

By Rukayat Moisemhe

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