Investors seeking both substantial dividends and significant share price appreciation in 2024 may find opportunities in the following dividend stocks:
- Zenith Bank:
- Dividend Yield: 10.18%
- The banking giant has been reporting improving earnings and a share price recovery in 2023, contributing to a positive outlook for the stock.
- Mansard:
- Dividend Yield: 9.15%
- Despite being a penny stock, Mansard consistently pays dividends and has shown substantial growth in Profit After Tax (PAT) in 9M 2023.
- Okomu Oil:
- Dividend Yield: 8.54%
- With a 46% YTD increase in share price, Okomu Oil demonstrates positive market perception, and its consistent dividend payments and strong financial performance make it a compelling choice.
- Access Holdings:
- Dividend Yield: 9.28%
- The Tier-1 bank has a track record of consistent dividend payments and an impressive 29.81% Dividend Compound Annual Growth Rate (CAGR) over the past 5 years.
- UBA (United Bank for Africa):
- Dividend Yield: 6.75%
- UBA has demonstrated exceptional share price growth and reported the highest post-tax profit on the NGX in the first nine months of 2023, indicating a promising outlook for dividend increases.
Key Considerations:
- Zenith Bank: Positive momentum in share price recovery, strong post-tax profit growth, and a significant rise in gross earnings.
- AXA Mansard: Consistent dividend payouts, substantial growth in PAT (738% increase in 9M 2023), and a positive trend expected to continue.
- Okomu Oil: Strong share price performance, consistent dividend payments, robust financial performance in 2022 and 9M 2023.
- Access Holding: Impressive share price gain, consistent dividend payments with a 30% annual growth rate, and strong financial performance.
- UBA: Exceptional share price growth, highest post-tax profit on the NGX in 9M 2023, consistent dividend payments, and a promising outlook for dividend increases.
These stocks offer a blend of both growth and income, positioning themselves for significant upward momentum in 2024. The combination of attractive dividend yields and positive growth indicators makes them appealing options for investors.
