Lafarge Africa Shareholders Approve N32bn Dividend For 2022

Shareholders of Lafarge Africa Plc approved a dividend of N32 billion for the year ended December 31, 2022.

The shareholders gave their approval at the company’s 64th annual general meeting(AGM) held in Lagos, as the dividend was declared amidst a challenging operating year, translating to a dividend payout of 200 kobo per share to the shareholders.

In the year ended 2022, Lafarge Africa increased its revenue by 27 per cent from N293 billion recorded in 2021 to N373 billion as operating profit improved by 29.3 per cent on the back of net sales improvement to close at N84.2 billion.

Speaking to shareholders, the chairman of the company’s board, Prince Adebode Adefioye, stated that Lafarge Africa has once again demonstrated business resilience despite the prevailing economic situations and challenges.

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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 per cent compared to the prior year, to close at N373.2 billion. Similarly, Operating profit improved by 29.3 per cent 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 per cent to N69.7 billion and profit after tax by 5.2 per cent to close at N53.6 billion.”

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.”

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 appreciated the shareholders for their continued support and contributions towards the achievement of the strong performance for the past year.

The country CEO, Lafarge Africa, Mr. 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.”

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.’