Stock Updates
DANGCEM pays ₦753.8bn dividend — 50% year-on-year increase
Dangote Cement paid ₦45 per share on July 2, 2026, delivering a record ₦753.8 billion total payout and rewarding shareholders with a 50% increase over the prior-year dividend.
Dangote Cement Plc (DANGCEM) paid a final dividend of ₦45 per share on July 2, 2026, representing a 50% increase over the ₦30 per share paid for the prior financial year. The total payout of ₦753.8 billion is the largest single dividend distribution in the company’s history.
Dividend timeline
| Event | Date |
|---|---|
| Declaration | February 28, 2026 |
| Ex-dividend date | June 18, 2026 |
| Record date (closure) | June 17, 2026 |
| AGM | July 2, 2026 |
| Payment date | July 2, 2026 |
What ₦45 per share means
At the prevailing price before the ex-date (approximately ₦1,155), the dividend yields ~3.9% on a trailing basis. For perspective:
- Total shares outstanding: ~16.75 billion
- Total payout: ₦753.8 billion
- Year-on-year growth: 50% from ₦510 billion (FY 2024)
The dividend increase reflects the company’s strong FY 2025 performance, with total revenue climbing to ₦4.48 trillion. The Pan-African operations, which contributed volume growth of 19.5% in Q1 2026, continue to provide a hard-currency buffer that supports the group’s distribution capacity.
Context for the payout
The 50% dividend increase comes alongside:
- Strong FY 2025 earnings: Revenue of ₦4.48 trillion, supported by pricing power across the Nigerian market and volume growth in Pan-African operations
- Improved free cash flow: Lower debt service costs after the refinancing of short-term facilities in Q3 2025 freed up cash for distribution
- Management confidence: The hike signals that the board views the current earnings trajectory as sustainable — a relevant signal ahead of the Dangote Refinery listing
For the earlier forward view on DANGCEM’s volume trends and what drove this outcome, see our June analysis: DANGCEM: Q1 2026 volume analysis & dividend expectations.
What to watch next
- Q2 2026 results (due August) — will show whether Nigerian volumes reversed their domestic decline and whether the pricing strategy held
- Interim dividend declaration — the company has historically paid a final-only dividend, but growing free cash flow may support an interim payout for FY 2026
- Dangote Refinery listing — the group’s next major value event for shareholders
