Lafarge shareholders okay N32 billion total dividend

Shareholders of Lafarge Africa Plc have approved a total dividend of N32 billion, translating to 200 kobo per share due to every investor of the company for the 2022 financial year.

Addressing shareholders at the company’s yearly general meeting held in Lagos, the Chairman of the company, Adebode Adefioye, said 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 shortage and flooding in some parts of the country.

He pointed out that the company increased its revenue by 27 per cent from N293 billion recorded in 2021 to N373 billion. Its operating profit also improved by 29.3 per cent on the back of net sales improvement to close at N84.2 billion.

Addressing shareholders during the meeting, Adefioye stated that Lafarge 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 company’s net sales increased by 27 per cent compared to N373.2 billion while operating profit improved by 29.3 per cent on the back of net sales improvement to close at N84.2 billion.

In addition, he said cost-saving initiatives implemented across its value chain contributed partly to improvement in the operating profit.

Adefioye added that the improvement in net sales and operating profit resulted in an increase of 12 per cent rise in profit before tax to N69.7 billion and profit after tax of N53.6 billion representing 5.2 per cent increase.

Adefioye assured that the company remains committed to its sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovation in products, building solutions and delivery of superior performance.

“By driving circular construction that reduces waste, and recycling of materials, we promote stewardship of the environment and contribute to the global decarbonisation 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 April 28, 2023, to shareholders whose names appear in the register of members as at the close of business on Thursday, April 16, 2023.

Country Chief Executive Officer, Khaled El Dokani, said: “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.”