AshakaCem makes N2.7 billion as profit after tax in 2015

Shareholders of AshakaCem Plc have been paid N336 million as dividend for the 2015 financial year after the company said on it has made N2.7 billion as profit after tax in the 2015 financial year.

This was announced Tuesday in Abuja by Suleiman Yahyah, the company’s chairman, board of directors, following a unanimous endorsement of the decision by shareholders that each of them be paid 15 kobo on every ordinary share for the period under review.

According to a statement signed by Viola Graham-Douglas, country communication director for Lafarge Africa, the dividend will be paid to the shareholders out of retained earnings from pioneer profit in line with relevant Nigerian tax laws.

Speaking during the 41^st annual general meeting of the company, Yahyah said that the results presented to shareholders were achieved in a challenging global and national economic climate.

According to him, “we made N2.7 billion as profit after tax in 2015 in tough business climate, but we are counting on the resilience that saw us through the last quarter to propel us to better results in 2016, and we are also well positioned to benefit from the threefold increase in capital expenditure envisaged in the 2016 budget.”

He further explained that there will be diverse efficiency gains from 2016, citing developments and operational initiatives such as the use of lignite from the company’s coal mine at Maiganga community and the planned capacity expansion that is expected to more than double the company’s output in the near future.

The chairman stated that the coal-fired power plant will not only support the company’s expansion but also contribute to its enhance its operating environment and corporate social obligations by supplying power to the host community.

A subsidiary of Lafarge Africa Plc and member of LafargeHolcim, AshakaCem Plc is a cement manufacturing and marketing company that has operated in Nigeria for over three decades.

 

 YANGE IKYAA