Nigerian industrialist Aliko Dangote has highlighted the dollar-denominated nature of his business operations, saying 100 per cent of the group’s income is generated in dollars and that this positions the company to pay employees and distribute dividends in the same currency.
Dangote made the remarks while discussing the company’s financial performance and the outlook for investors, stressing the strength of the group’s earnings as it continues to expand its operations.
According to him, investors should expect to see the company’s nine-month financial figures by October 10, even before the proposed Refinery initial public offering (IPO) closes.
“100% of our income is in dollars and that’s why we pay people in dollars, you will collect your dividends in dollars,” Dangote said.
He also referenced the group’s six-month financial performance, which he put at $13.91 billion, while noting that the company’s operations were relatively limited during the first two months of the year.
“The 6-month figures ($13.91 billion), we didn’t work much in January and February,” he said.
The billionaire’s comments come as investors and market watchers continue to follow the financial performance and expansion of the Dangote Group, particularly developments surrounding the Dangote Refinery and its potential IPO.
The release of the nine-month figures is expected to provide investors with additional information on the company’s financial position and performance during the period.
Dangote’s emphasis on dollar-denominated income also underscores the international and export-oriented nature of several businesses within the group, with earnings linked to markets and transactions beyond Nigeria’s domestic currency environment.
The comments are likely to attract attention from existing and prospective investors as the company moves toward further capital-market activities and seeks to communicate its financial performance and potential returns to shareholders.
Post a Comment