Tag: Dangote Cement Plc

Dangote Cement Plc released its unaudited financial results for the third quarter of the year ended 30th of September 2021.

• Revenue during the period was N331.64 billion. (+16.53% YoY)
• Cost of sales for the period was N127.27 billion (+10.56%)
• Gross profit stood at N204.37billion. (+20.59% YoY)
• Operating profit for the period was N138.13 billion. (+20.69% YoY)
• Profit before tax of N124.23 billion was recorded during the period.
• Profit for the period stood at N86.62 billion (+4.94%)
• Total assets during the period stood at N2.25 trillion. (+227.79bn YtD)
• Earnings per share of N5.02 Vs N4.80 YoY.

See full result here

Dangote Cement Plc has notified shareholders and the investing public of its forthcoming Board of Directors meeting scheduled to hold on October 28, 2021.

This is according to a notice signed by the company’s secretary, Edward Imoedemhe, and filed with the Nigerian Exchange Limited (NGX).

According to the disclosure, the meeting is scheduled to enable Board members discuss matters affecting the company, including finalizing steps for the release of its financial statements.

Consequently, the company announced that it will be observing a closed period from October 1, 2021, until twenty-four (24) hours after the financial statements and details of the meeting are published via the NGX Issuers’ portal.

During the closed period, insiders and their connected persons are prohibited from either buying or selling the company’s shares.

For more information about the disclosure, click HERE.

Dangote Cement Plc, Africa’s largest cement producer, has announced the launching of a new N150 billion Commercial Paper (CP) programme.

This is according to a notice signed by the company’s secretary, Edward Imoedemhe, and sent to the Nigerian Exchange Limited (NGX).

According to the disclosure, the new CP programme combined with an existing N300 billion multi-instrument issuance Bond programme will help broaden the firm’s funding sources and further ease access to capital market funding.

In addition, the cement manufacturing giant stated that the new commercial paper will be used to match working capital requirements and meet up with general corporate obligations.

Commenting on the recent development, the Chief Executive Officer of Dangote Cement Plc, Michel Puchercos said: ‘’The establishment of a new ₦150 billion Commercial Paper confirms Dangote Cement Plc’s ambition to maintain its long and successful track record of accessing the Nigerian debt capital market. Dangote Cement has issued an aggregate of ₦450 billion in Commercial Papers since 2018.

‘’I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of the commercial paper programme. We look forward to the same warm reception as we engage with fixed income investors under this new programme. Thank you again for your continued trust in Dangote Cement.”

What you should know:

• It is pertinent to note that the new CP has been registered on the platform of FMDQ Securities Exchange.
• As at the period of reporting this, Dangote Cement Plc is currently trading at N245 per share.

The Securities and Exchange Commission (SEC) has approved the renewal of Dangote Cement Share Buyback Programme effective until 21st of January, 2022.

According to a notice signed by the deputy secretary of Dangote Group, Edward Imoedemhe, the share buy-back programme will be executed under the approval granted by the Company’s shareholders at the recently concluded Annual General Meeting of the company.

In line with the recent development, the notice stated that the share buyback will be undertaken through an open market offer or self-tender, at a period and term determined by the company, subject to prevailing market conditions.

About Dangote Cement Share Buyback Programme

Pursuant to a resolution of the Company on 22nd of January 2020, Dangote Cement Plc (DCP) announced a Share Buyback Programme that will see the firm buy back up to 10% of its issued 10.04billion ordinary shares. The firm announced that the shares bought back will be held as Treasury Shares and subsequently cancelled.

To effectively execute this, the firm announced that programme will be implemented in tranches. The first tranche which commenced on 30th of December and ended on 31st of December 2020, saw the company re-purchase about 40,200,000 ordinary shares (representing about 0.24% of the total issued and fully paid ordinary share of the company) at an average share price of N243.02, totalling N9.77billion.

However, with the rising tide of the COVID-19 pandemic and its debilitating impact on the economy, it became apparently difficult to continue in the effective implementation of the programme as planned.

Efforts to salvage the situation paid off on the 26th of May 2021, when shareholders passed a special resolution renewing the Share Buyback Programme. The decision to renew the programme was premised on renewed optimism in the improvement in economic conditions.

In line with this development, the firm noted that it will continue to monitor the evolving business environment and market conditions, in making decisions on tranches of the share buyback programme.

What you should know:

• A Share Buyback Programme involves the company buying back her issued shares from shareholders at a prevailing market price. This is tantamount to the company investing in itself.
• The Share Buy-Back Programme is in line with the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations (as applicable) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Stock Exchange (“The NSE”).
• Dangote Cement is a subsidiary of Dangote Industries Limited, and the largest cement producer in Sub-Saharan Africa with an installed 48.6Mta capacity across 10 African countries.

 

 

Dangote Cement Plc, Africa’s largest cement producer, has announced the successful issuance of a N50 billion Series 1 Fixed Rate Senior Unsecured Bonds.

According to an official disclosure sent to the Nigerian Exchange Group Limited, the recent issuance is part of the company’s N300 billion Multi-Instrument Issuance Programme. The bonds were issued on 26th of May, 2021 at coupon rates of 11.25%, 12.50% and 13.50% respectively for the 3,5, and 7 year tranches respectively.

The firm noted that the proceeds from the bond issuance will be used to further expand the company and meet its short-term debt refinancing and working capital requirements. It is worthy to note that a range of investors like pension funds, asset managers, insurance companies and high net-worth individuals, participated actively in the bond issuance.

Additionally, Dangote Cement revealed that it has registered a programme that will enable it consider different types of fixed income instruments that will serve the needs of different type of investors.

Commenting on the successful issuance of the Series 1 bond, the Chief Executive Officer of Dangote Cement, Michel Puchercos,  said : ‘’ This bond issuance allows us move a step further in achieving our expansion objectives and will be deployed to projects instrumental in supporting our export strategy while improving our cost competitiveness. We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance.’’

What you should know:

• Dangote Cement Plc is the largest cement producing firm in Africa’s with an installed capacity of 48.6Mta capacity across 10 African countries. It operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.
• Absa Capital Markets, Nigeria acted as Lead Issuing House for the Series 1 Bonds. On the other hand, Stanbic IBTC Capital, Standard Chartered Capital & Advisory Nigeria Limited, United Capital Plc, FBN Quest Merchant Bank, FCMB Capital Markets, Coronation Merchant Bank, Ecobank Development Corporation Nigeria, Futureview Financial Services, Meristem Capital Limited, Rand Merchant Bank, Quantum Zenith Capital and Vetiva Capital Management acted as Joint Issuing Houses.
• The Bond will be listed on both the Nigerian Exchange Group Limited and FMDQ Securities Exchange.

Sequel to the approval granted at the recently concluded 12th Annual General Meeting of the company, Dangote Cement Plc has announced the renewal of its Share Buyback Programme.

According to a disclosure signed by the company’s secretary, Edward Imoedemhe and seen by Nairametrics, the renewal of the Share Buyback Programme is premised on timelines and terms to be determined by Board of Directors, subject to obtaining requisite regulatory approval.

It is worthy to note that Nairametrics had earlier reported the initial commencement of the programme, in which the firm is expected to buy back 85 million issued shares of the company. The programme was meant to be effected in tranches, and the first tranche was executed by Meristem Stockbrokers Limited and Vetiva Securities Limited.

The Share Buy-Back Programme is in line with the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations (as applicable) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Stock Exchange (“The NSE”).

However, given the debilitating impact of the COVID-19 pandemic, the firm disclosed that it became apparently difficult for it to effectively implement the programme as planned. With the recent stabilization of the economy and improvement in economic conditions, evident by the growth in the nation’s GDP, the Board of Directors consequently agreed to fully implemnent further tranches of the programme.

 

For more information about the recent disclosure, click HERE.

The Board of Directors of Dangote Cement Plc has approved a dividend payment of N16 per share, to all shareholders whose names appeared in the Company’s Register of Members at the close of business on April 27, 2021.

This is part of the resolutions reached at the recently concluded 12th Annual General Meeting of the company, held on the 26th of May, 2021 at Eko Hotels and Suites, Victoria Island, Lagos.

Recall that the company had earlier reported a 38% surge in its profit after tax to N276.07 billion in FY 2020. Other key financial metrics like revenue and EPS all recorded a surge of 16% and 38% respectively.

Sequel to these impressive gains, a dividend of N16 was declared. This dividend figure remains unchanged when compared with 2019 figure. In light of this, the Board considers the dividend level appropriate and in line with the company’s strategic growth objectives. Accordingly, the approved dividend will be paid on all the 17,040,507,405 units of outstanding shares of the company, totalling N272.65 billion.

On the other hand, the company revealed that the total amount of unclaimed dividends outstanding as at 31st of December, 2020 is N4 billion, indicating an increase of about 14.3% YoY.

 

For more information, click HERE.

The Board of Dangote Cement Plc has announced that it will host its Annual General Meeting on the 26th of May, 2021.

This is according to a notification signed by the company’s secretary, Mahmud Kazaure and seen by Nairametrics. Sequel to this, the following issues will be discussed;

• The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
• The firm’s proposed dividend will be considered and officially declared.
• Board appointments will also be considered and ratified.
• To fix remuneration of managers and Directors in FY 2021.
• To elect shareholders’ representatives of the statutory audit committee.

What you should know:

• Dangote Cement Plc had earlier reported a profit after tax of N276.07 billion in FY 2020.
• In line with CAC guidelines, attendance at the AGM will be by proxy. Sequel to this, a list comprising of eight (8) representatives authorized to represent shareholders, have been made available.
• If approved, dividends are expected to be paid to qualified shareholders on 27th of May, 2021.
• The Annual General Meeting will be streamed live from the company’s website (http://www.dangotecement.com) or (https://www.youtube.com/dangotegroup).

For more information about the AGM, click HERE.