Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company and member of LafargeHolcim, a world leader in building solutions, accelerating our world's green transformation, held its 62nd Annual General Meeting in Lagos on Tuesday, 25th May 2021. During the meeting, shareholders unanimously agreed on the proposed final dividend of 100k per share as the company showed strong growth in recurring earnings before interest and taxes (EBIT) which went up by 30.8% as against the previous year’s result.
Inspite of Covid-19 pandemic challenges from the previous fiscal year, Lafarge Africa recorded an 8.3% increase in net salesdriven primarily by strong volume growth. The audited financial result for 2020 is an indication of the validity of the company’s execution of the “health, cost and cash” action plan; which has led to impressive results.
According to the Chairman, Prince Adebode Adefioye, the 2020 financial result was achieved through the resilience of the brand as well as the ability to deploy strategic stakeholder engagements and the collective desire to embrace a shared value approach to balance the purpose of achieving corporate performance.
Lafarge Africa Chairman of the Board stated: “Lafarge Africa is committed to building a more sustainable and inclusive economy that works for all. To reinforce our sustainability leadership, we have continued to integrate initiatives and policies to deliver superior stakeholder value through innovation, creativity, and continuous improvement in line with global best practices”.
Chairman of the Board further remarked that amid the COVID-19 pandemic, Lafarge Africa demonstrated resilience and he is very proud of how management and employees truly enlivened Lafarge values keeping our people and business safe, while standing resolute by our communities. “It was amid this circumstance that Lafarge Africa operated in 2020, it is additionally pleasing to note that our Management also demonstrated considerable agility in the successful implementation of our Health, Cash and Cost action plan in managing the pandemic to ensure a positive outcome for our company.”
The Chief Executive Officer of Lafarge, Mr. Khaled El Dokani stated that the audited financial statement for full-year 2020 gives a true picture of the company’s financial performance during the period under review. He further said that despite the harsh realities of the Covid-19 pandemic that reverberated around the world, the company was able to outperform its previous performance due to deliberate focus on going green towards an overall net-zero ambition.
Khaled made further comments on the company’s objective stating “the company focuses on being in a ‘sold-out’ situation where we can sell all that we produce.”
Also speaking at the event, a representative of the shareholders, Mr. Sunny Nwosu commended Lafarge Africa Plc for sustaining profit and dividend payment despite the harsh and challenging economy experienced in the year 2020 as a result of the pandemic.
Other Board members present at the event were the Independent Non-Executive Director, Mrs. Adenike Ogunlesi; Chief Financial Officer, Mr. Lolu Alade-Akinyemi; Independent Non-Executive Director, Mrs. Oyinkan Adewale. The General Counsel and Company Secretary, Adewunmi Alode was also in attendance. Alongside further management representative in attendance was Mrs Folashade Ambrose-Medebem – Director Communication, Public Affairs and Sustainable Development.
The 62nd AGM was held virtually in strict accordance with the Covid-19 pandemic restrictions on public gatherings and in accordance with the Corporate Affairs Commission’s Guidelines on the Holding of Annual General Meetings (AGM) of Public Companies. The event was streamed live and shareholders appointed PROXIES to attend and vote on their behalf.
About Lafarge Africa Plc
Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company is a member of LafargeHolcim, a world leader in building solutions accelerating our world’s green transformation . Listed on the Nigerian Stock Exchange, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.
Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.
Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Additional information is available on the web site at www.lafarge.com.ng
As the world’s global leader in building solutions, LafargeHolcim is reinventing how the world builds to make it greener and smarter for all. On its way to becoming a net zero company, LafargeHolcim offers
global solutions such as ECOPact, enabling carbon-neutral construction and Firestone roofing systems for higher energy-efficiency in buildings. With its circular business model, the company is a global leader in recycling waste as a source of energy and raw materials through products like Susteno, its leading circular cement. Innovation and digitalization are at the core of the company’s strategy, with more than half of its R&D projects dedicated to greener solutions. LafargeHolcim’s 70,000 employees are committed to improving quality of life across more than 70 markets through its four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions & Products.
Director, Communications, Public Affairs and Sustainable Development