Shareholders of Lafarge Africa Plc have approved a final dividend of N1.90 per share amounting to N30.6 billion for the year ended December 31, 2023.
The shareholders gave their approval at the company’s 65th annual general meeting (AGM) held in Lagos. This is even as the company assured that it would continue to invest in research and development while exploring opportunities for operational optimization.
The company’s revenue rose by 8.6 per cent to N405 billion from N373 billion in the previous year while Post-tax profit stood at N51.1 billion.
The Chairman, Lafarge Africa, Adebode Adefioye addressing shareholders stated that, “The year 2023 posed numerous 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 headwinds, Adefioye promised that the company would prioritise sustainability initiatives to ensure long term growth.
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.
He also notified the shareholders of his voluntary retirement from the Board as chairman and announced his replacement in the person of Gbenga Oyebode as the chairman of Lafarge Africa Plc.
A shareholder and chairman, Audit Committee, Lafarge Africa, 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.”
On his part, 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.”