Shareholders approve 15k per share dividend for AshakaCem

Shareholders of AshakaCem Plc, a subsidiary of Lafarge Africa Plc, have unanimously endorsed a dividend payment of 15 kobo on every ordinary share in issue for the 2016 financial year, totalling N336 million.

The acting Chairman of AshakaCem, Mrs. Edith Onwuchekwa, disclosed this yesterday at the company`s 42nd annual general meeting (AGM) held at the Sheraton Hotels, Abuja.

“Despite the challenging economic environment of 2016, AshakaCem maintained optimal operations as production was on schedule with 648,585 metric tonnes cement dispatches, which was 6.5 percent higher than the 609,000 metric tonnes dispatched in 2015.”

“I appreciate the management, shareholders and stakeholders because they contributed to help us wade through the storm in 2016 and we were able to declare profitability.” she said.

Onwuchekwa said the voluntary delisting of AshakaCem from the Nigerian Stock Exchange and a share swap with Lafarge Africa Plc was a cost-saving measure achieved by leveraging on the relationship with Lafarge Africa Plc to reduce administration, commercial and information technology activities.

The Managing Director, AshakaCem, Rabiu Umar, said the company expected a positive market growth during the year.

The Chief Finance Officer of AshakaCem, Mr Bruno Bayet, said the overall performance of the company had improved. “We have improved on sale and prices have improved as well,” he said.

A shareholder of the company, Hamze Rilwan, said shareholders were satisfied with the 15k dividend declared despite the 27 precent reduction in profit after tax.