On Friday, Forbes reported, quoting a recent release by Dangote Cement PLC., that the Nigerian born billionaire would pocket almost $650 million in dividends from profits made by his Dangote Cement in 2018.
The company reported sales of $2.5 billion in the year 2018, up 12.11% from $2.23 billion in 2017.
Profit before tax stood at $835.5 million while profit after tax was $1.08 billion.
Dangote Cement is Africa’s largest cement company. It produces an aggregate of more than 50 million metric tonnes per annum through plants located in Nigeria, South Africa, Senegal, Ethiopia and Zambia among other countries.
“Dangote Cement’s bottom line was buoyed by a $247 million Group tax credit from the authorization of the pioneer tax status on the Ibese Production lines 3&4 as well as Obajana line 4,” Forbes said, adding that “Dangote Cement’s results led the board to propose a dividend payment of NGN16.00 ($0.044) per ordinary share, which is to be approved by the shareholders during the Annual General Meeting later in June”.
Dangote owns roughly 85% (or 14.5 billion ordinary shares of Dangote Cement, and would through his wholly-owned holding company, Dangote Industries, pocket more than N232.3 billion, just over $645 million, using the prevailing exchange rate of $1 = N360, Forbes added.
Dangote has said he plans to list the company on the London Stock Exchange in 2020.