Dangote Flour to begin exportation, pays N4b dividend
Category: Capital Market
Thursday, 07 October 2010
Dangote Flour Mills, on Wednesday in Kano, announced plans that arrangements were at advanced stage to begin direct and indirect exports of its products into neighboring countries like Chad, Cameroon, Niger and Sudan.Addressing shareholders at the annual general meeting, chairman of the company, Alhaji Aliko Dangote, also hinted that the management was exploring the possibility of opening a mill in Senegal.
“There is also a plan to increase the capacity of our subsidiary (Dangote Agrosacks Limited) by 5.0 million bags per day. It is expected that this expansion will contribute positively to the group and assist in achieving greater economies of scale,” he added.
Also, shareholders applauded the board’s recommendation of a 50 kobo dividend per share (representing N2.5 billion payout), in addition to the interim dividend of 30 kobo (representing N1.5 billion payout). This brings total paid dividend within the financial year to N4 billion, from earnings per share of 111 kobo, representing 100 per cent increase over the 40 kobo paid out at the end of the 2008 financial year.
In his review of the company’s performance during the year ended December 31, 2009, Dangote expressed delight at the record growth in the turnover and profit despite economic challenges during the period.