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Lafarge Africa declares N32bn dividend payout

Lafarge Africa declares N32bn dividend payout

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.

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 increased its revenue by 27 percent from N293 billion recorded in 2021 to N373 billion, as operating profit improved by 29.3 percent on the back of net sales improvement to close at N84.2 billion.

Addressing shareholders during the meeting, Adebode Adefioye, chairman of the company’s board, said that Lafarge has once again demonstrated business resilience despite the prevailing economic situations and challenges. He asserted that the company’s performance showed its commitment to granting shareholders a return on their investments.

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“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 percent compared to the prior year, to close at N373.2 billion. Similarly, operating profit improved by 29.3 percent 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 percent to N69.7 billion and profit after tax by 5.2 percent to close at N53.6bn.”

According to Adefioye, Lafarge 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 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.