Africa's richest man, Aliko Dangote is investing N500 million in the building of a cement plant in Tanzania.
The ground breaking ceremony of the three million metric tons cement factory takes place today in Tanzania, a statement from the Dangote group said.
The company also announced dividend payouts of N3.00 for every 50 kobo share held in its 2012 financial year to investors in Nigeria.
This is against the N1.25kobo paid in the previous year. This is coming as the chairman of the Shareholders Trustees Association (STA) Mukhtar Mukhtar said the shareholders were happy with the performance of their company.
Speaking at the Annual General Meeting last week in Abuja, the company's chairman Aliko Dangote attributed the growth to expansion and increase in sales volumes from 8.66milliom metric tonnes in 2011 to 10.38million metric tonnes in 2012.
"Turnover increased from N241billion in 2011 to N285 billion in the current year, representing an increase of about N18 percent," Dangote said.
The company grew its turnover of 241,405,977 billion in 2011 to 285, 635,278 billion in 2012 and shareholders' fund from N294,318,046 to N427,606,594
Profit After Tax also grew from N120, 941,567 billion in 2011 to N152,652,762 billion in 2012 as a result of strong growth in cement sales which was at 19.9 per cent in 2012, increasing its market share capacity with Ibese and Obajana coming on stream.
He said the company has since March this year commenced cement export to Ghana.
"We are clearly on the right path and are poised for improved performance in 2013," he said.
Dangote Cement Plc is making substantial investment in some African countries which include Tanzania, Senegal, Ghana, Ivory Coast, Zambia, Ethiopia, Liberia and Sierra Leone among others.
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