Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries Limited, is expected to earn a mouth-watering dividend of N13 billion for the financial year 2020 from his stake in Dangote Sugar Refinery Plc.
Dangote who is Africa’s richest man with a total wealth valued at $16.5 billion (according to Bloomberg billionaire index) is set to earn N1.50 per share on his direct and indirect stakes in Dangote Sugar.
The billionaire is the single majority shareholder of his integrated sugar business, with a direct stake of 653,095,014 units, and an indirect stake of 8,122,446,281 ordinary shares, which he holds through Dangote Industries Limited -a manufacturing conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.
Recall that the Board of Directors of Dangote Sugar Refinery in its audited statement, proposed a final dividend of N1.5 per share to its shareholders, with Dangote’s total holdings of 8,775,541,295 issued shares of the company, he is expected to earn a mega dividend of nearly N13.2 billion.
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•Dangote Sugar Refinery delivered an impressive financial performance in 2020, as the company declared a 33.0% growth in earnings to N29.8 billion for the financial year of 2020.
However, the company’s profit was pressured by a surge in operational cost partly due to persistent FX scarcity, and also the increase in finance cost, which can be largely attributed to the foreign exchange loss in its ordinary business operations.
•A recent report revealed that Aliko Dangote lost a total $1.20 billion in the month of February, with the wealth of the richest black man on the planet declining from $17.8 billion on January 31 2021, to $16.6 billion on the 28th of February.
•At this price, the market capitalization of Dangote Sugar Refinery is valued at N218.6 billion.
