Lafarge shareholders okay N30.6 billion dividend

LAFARGE Africa Plc has assured that the firm would continue to invest in research and development as well as explore opportunities for operational optimisation, even as shareholders endorsed the company’s total dividend of N30.6 billion, culminating in N190 kobo per 50 kobo ordinary shares due to every investor of the firm for the 2023 financial year.

Addressing Shareholders at the 65th yearly general meeting held in Lagos, the chairman, Adebode Adefioye, also stated that the company would prioritise sustainability initiatives to ensure long- term growth and success of the company.

According to him, the year 2023 posed enormous challenges for the company with soaring inflation rates and a volatile currency, compounded by the aftermath of election activities and a currency reform attempt.

He pointed out that 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.

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 immediately after the 65th AGM. He also announced that Gbenga Oyebode will succeed him as the Chairman of Lafarge Africa Plc.

Group Managing Director/ CEO of the company, Lolu Alade Akinyemi, said the firm 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."

He assured that the firm would remain committed to driving innovation, sustainability, and staying ahead of trends in the industry to continue to deliver value to shareholders.