The shareholders of the company are expected to approve the dividend proposal by its Board of Directors when they meet for their annual general meeting on April 13, 2023.
The notice of annual general meeting, signed by the acting company secretary and Edward Imoedemhe, states that all shareholders are being asked to open bank accounts and stockbroking accounts so as dividend payments can be made electronically.
The cement company disclosed in the published notice that its ordinary business for the day will include: laying the Audited Financial Statements for the Year Ended 31 December 2022 together with the Reports of the Directors, Auditors and the Audit Committee thereon declare a dividend; elect/re-elect Directors; authorise the Directors to fix the remuneration of the Auditors for the 2023 financial year; disclose the remuneration of Managers of the Company and also elect shareholders’ representatives of the Statutory Audit Committee.
The AGM will also consider and if thought fit and fix the remuneration of the Directors.
In the financial statements of the organisation for 2022, the gross earnings for the Group increased to N1.6 trillion from the N1.4 trillion recorded in the preceding year due to the higher revenue generated from cement and clinker sales, with a significant chunk coming from the domestic market. The company’s revenue also increased by 21 per cent to N1,205 billion as against N993 billion recorded for the preceding year.
