Africa’s richest man set to pocket nearly $300 million in cement dividends

Key Points

• Aliko Dangote will collect $293 million from Dangote Cement’s $335 million dividend payout, reinforcing his dominance in Africa’s cement industry.
• The company’s revenue surged to $2.4 billion in 2024, driven by higher cement prices and strong sales across its Nigerian and Pan-African operations.
• Despite higher costs, Dangote Cement’s profit grew to $335.75 million, while its dividend stayed at N30 ($0.02) per share for shareholders.

Africa’s richest man, Aliko Dangote, is set to receive nearly $300 million in dividends from Dangote Cement Plc after the multinational cement giant wrapped up 2024 with $2.4 billion in revenue and a $335.75 million profit, reinforcing its dominance in Africa’s cement industry.

Dangote to receive $293 million in dividends from Dangote Cement

With an 87.45 percent stake—equivalent to 14.65 billion shares—Aliko Dangote stands as the biggest beneficiary of Dangote Cement’s final dividend payout scheduled for June 23, 2025. He is set to receive N439.47 billion ($293.2 million) from the total N502.56 billion ($335.3 million) allocated to shareholders, amounting to N30 ($0.02) per share. The payout comes after a year that delivered strong returns but also tested investors, as the company’s share price dropped more than 30 percent over the past 12 months.

Dangote Cement has strengthened its footprint across Africa, supplying cement and clinker to multiple markets. A series of share buybacks over the past year have pushed Dangote’s stake from 86 percent to 87.45 percent, further tightening his grip on the company. Over the years, the company has helped transform Nigeria from a net cement importer into a key exporter in Sub-Saharan Africa. Beyond its home market, it operates in South Africa, Senegal, Zambia, Ethiopia, Tanzania, Congo, Cameroon, Ghana, Sierra Leone, and Côte d’Ivoire.

Dangote Cement’s revenue soars 62 percent in 2024

With an annual production capacity of 52 million tonnes, Dangote Cement remains Africa’s largest cement producer. The company posted strong results for 2024, with revenue surging 62 percent from N2.21 trillion ($1.47 billion) in 2023 to N3.58 trillion ($2.4 billion). The growth was fueled by higher sales in both its Nigerian and Pan-African operations.

Revenue from its Nigerian business jumped from N1.29 trillion ($860.6 million) to N2.19 trillion ($1.46 billion), driven by higher cement prices. Meanwhile, its Pan-African operations saw revenue climb from N925.9 billion ($617.7 million) to N1.48 trillion ($987.4 million), boosted by foreign exchange translation gains following the naira’s devaluation.

Profit climbs, dividend unchanged

Despite rising administrative, selling, and distribution costs, along with finance expenses totaling N700.3 billion ($467.2 million), the company’s profit grew from N455.58 billion ($303.9 million) in 2023 to N503.25 billion ($335.75 million) in 2024. However, while its Nigerian operations remained profitable, its Pan-African business recorded a loss of N24.37 billion ($16.3 million).

In line with its commitment to rewarding shareholders, Dangote Cement’s board has proposed a final dividend of N30 ($0.02) per share, maintaining the same payout as in 2023. The company continues to prioritize shareholder returns while ensuring financial stability and strong cash flow management.