Aliko Dangote, the founder of Dangote Group, one of Africa’s most diversified manufacturing conglomerates, is set to receive a dividend of N295 billion ($640.6 million) from his cement company Dangote Cement following another stellar performance at the end of its 2022 fiscal year.

The $640.6-million dividend, which will be paid directly from Dangote Cement’s retained earnings of N969.48 billion ($2.1 billion) as of Dec. 31, 2022, is higher than the annual government expenditures of African countries such as Rwanda, Burkina Faso, and Malawi.

Dangote Cement is Africa’s largest cement producer, with a total production capacity of 51.55 million tonnes of cement per year across 10 countries.

Under the leadership of Dangote, the world’s richest Black man, who owns an 86-percent stake in the cement company, the leading cement manufacturer delivered a strong financial performance at the end of its fiscal year 2022.

The group reported a 4.9-percent increase in profits from N364.44 billion to N382.31 billion ($830.3 million) due to higher revenue and the successful negotiation of its tax expense down to N142.7 billion ($310 million) from N173.9 billion ($377.7 million) the previous year.

During the period under review, the Dangote-led cement company reported a 17-percent increase in revenue from a record of N1.38 trillion ($3 billion) in 2021 to a new all-time high of N1.62 trillion ($3.52 billion), owing to higher cement sales in the second half of 2022 and pricing benefits from the year’s rise in cement prices.

In line with its longstanding tradition of rewarding shareholders with substantial dividend payouts, the board of directors of Dangote Cement recommended a dividend of N20 ($0.0434) per share, which is the same as the dividend paid to shareholders in 2022.

The final dividend payout, which is scheduled for April 14, will see Dangote, who holds an 86-percent majority stake in the cement company receive a dividend of N295 billion ($640.6 million).

The payout reaffirms the company’s commitment to creating value for its shareholders and providing them with attractive returns on their investments.