Lafarge Africa Shareholders Approve N1.90 Per Share Dividend For 2023

Shareholders of Lafarge Africa Plc have approved a dividend of N1.90 per share for the year ended December 31, 2023.

The shareholders gave their approval at the company’s 65th annual general meeting (AGM) held in Lagos, as the event served as a platform to showcase Lafarge Africa’s resilience, innovation, and commitment to delivering value to shareholders amidst challenging economic conditions.

During the AGM, Lafarge Africa reported robust financial performance, despite the prevailing economic headwinds. The company announced a dividend of N1.90 per share, reaffirming its commitment to rewarding shareholders for their continued support and confidence in the company’s growth trajectory.

Speaking to shareholders, the chairman, Lafarge Africa, Prince Adebode Adefioye stated that, “the year 2023 posed unparalleled challenges for Lafarge Africa, with soaring inflation rates and a volatile currency landscape further compounded by the aftermath of election activities and a currency reform attempt. Despite these formidable headwinds, I am pleased to highlight the resilience demonstrated by our operations throughout the year.”

On the proposed dividend, Adefioye noted that it is reflective of the company’s prudent capital allocation strategy and underscores its commitment to delivering sustainable value to its esteemed shareholders even in these challenging times.

The chairman also notified the shareholders of his voluntary retirement from the Board as chairman with effect from after the 65th AGM. He announced that Gbenga Oyebode will succeed him as the chairman of Lafarge Africa Plc.

The group managing director/CEO, Lafarge Africa, Lolu Akinyemi said, “our company’s performance has been remarkable, especially considering the macroeconomic challenges we have faced. We achieved a nine per cent increase in net sales. Despite issues like foreign exchange volatility and inflation, I am optimistic about our medium to long-term outlook. This optimism is grounded in our commitment to delivering value to our customers and maintaining a resilient business.”

Long standing shareholder and chairman, Audit Committee, Lafarge Africa, Mr. Adebayo Adeleke, expressed satisfaction, stating, “I am pleased and genuinely excited about the 190 kobo dividend and I know the shareholders are happy with the dividend payout at this time.”

Lafarge Africa remains committed to driving innovation, sustainability, and shareholder value. Moving forward, the building solutions company will continue to invest in research and development, explore opportunities for operational optimisation, and prioritise sustainability initiatives to ensure long-term growth and success.