Lafarge Africa Holds 64th AGM, Declares N32billion Dividend Payout
Lagos, Nigeria, Friday, April 28, 2023- Leading innovative and sustainable building solutions company, Lafarge Africa Plc, has declared a dividend of N32 billion following the approval of the company’s shareholders at the 64th Annual General Meeting of the Company held in Lagos on Friday, April 28 at the Civic Centre, Victoria Island, Lagos. The dividend declared amidst a challenging operating year translates to a dividend payout of 200 kobo per share to the shareholders.
In the year ended 2022, Lafarge Africa Plc Company increased its revenue by 27% from N293 billion recorded in 2021 to N373 billion as Operating Profit improved by 29.3% on the back of net sales improvement to close at N84.2 billion.
Addressing Shareholders during the meeting, the Chairman of the company’s board, Prince Adebode Adefioye, stated that Lafarge Africa Plc, has once again demonstrated business resilience despite the prevailing economic situations and challenges. He asserted that the company’s performance shows its commitment to granting shareholders a return on their investments.
According to him, “The domestic cement market remained strong with sustained demand, despite a slow-down experienced in the second half of the year due to pre-election activities, gas supply shortages, and flooding in some parts of the country.”
Speaking further, Adefioye said: “Overall, net sales increased by 27% compared to the prior year, to close at N373.2 billion. Similarly, Operating Profit improved by 29.3% on the back of net sales improvement to close at N84.2 billion. In addition, cost-saving initiatives implemented across our value chain contributed partly to operating profit improvement. The improvement in net sales and operating profit led to an increase in Profit Before Tax by 12% to N69.7 billion and Profit After Tax by 5.2% to close at N53.6bn."
Adefioye explained that the company remains committed to its sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovation in products, building solutions, and delivery with superior performance. “By driving circular construction that reduces waste, and recycling of materials, we promote stewardship of the environment and contribute to the global decarbonization agenda. In line with Holcim’s 2030 ambition, we continue to increase the use of Alternative Fuel, thereby reducing our carbon footprint and accelerating our journey towards net zero by 2050,” he added.
Adefioye while appreciating the Shareholders for their continued support and contributions towards the achievement of the strong performance for the past year, noted that the proposed dividend will be paid on the 28th of April 2023 to shareholders whose names appear in the Register of Members as at the close of business on Thursday, 6th of April 2023.
Also commenting, the Country CEO, Lafarge Africa Plc., Mr. Khaled El Dokani, says: “Paying dividends is part of our company’s obligations to our shareholders and we do our best to delight our shareholders. You can see the excitement, the engagement, and the loyalty to the company. We have to pay these back through improved dividends every year.”
Speaking on the outlook for the new year, Dokani stated: "2023 is showing good promise, the market is recovering and we look forward to an impressive and strong year."
Also speaking at the event, Mr. Adebayo Adeleke, Chairman, Audit Committee, Lafarge Africa Plc., who represented the Shareholders, expressed the shareholders' delight in the performance of the company despite the challenges experienced in the year 2022. "Shareholders are absolutely happy because the results are looking very bright. We have received about 32 billion naira dividend this year and that is exciting. The return on investment in Lafarge is superb and we are looking forward to a better 2023"
About Lafarge Africa Plc
Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company is a member of Holcim Limited, 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 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 website at www.lafarge.com.ng
About Holcim
Holcim builds progress for people and the planet. As a global leader in innovative and sustainable building solutions, Holcim is enabling greener cities, smarter infrastructure and improving living standards around the world. With sustainability at the core of its strategy Holcim is becoming a net zero company, with its people and communities at the heart of its success. The company is driving the circular economy as a world leader in recycling to build more with less. Holcim is the company behind some of the world’s most trusted brands in the building sector including ACC, Aggregate Industries, Ambuja Cement, Disensa, Firestone Building Products, Geocycle, Holcim and Lafarge. Holcim is 70,000 people around the world who are passionate about building progress for people and the planet through four business segments: Cement, Ready-Mix Concrete, Aggregates and Solutions & Products.
More information is available on www.holcim.com
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