AshakaCem Shareholders Approve 45 Kobo Dividend
Dele Ogbodo AshakaCem Plc, a subsidiary of Lafarge Africa Plc, makers of Ashaka Cement, yesterday declared a dividend of 45kobo on every ordinary share for its shareholders in its 2014 business operations. The dividend, which represents an increase of 7.1 percent over what was paid in 2013, was approved by the shareholders at the annual general meeting held in Abuja.
On the aggregate, the company also posted N4.567 billion as profit for the year under consideration, compared to N2.824 billion in 2013.
Speaking at the AGM, the Chairman of the company, Mallam Suleiman Yahyah, said that domestic demand for cement in 2014 was flat, adding that there was no remarkable change from its 2013 demand.
According to him, the company remitted N684.26 million as tax against N20.6 million the previous year. He attributed the decline in cement production to both electric power supply and the instability in the North-eastern part of the country.
He said: “Also the turnover decreased by approximately 2.6 percent as a result of increased self-collection of cement by distributors, which excludes haulage costs from the selling price.” The chairman said the company would channel more of its investment and resources into increasing cement production to about four million metric tonnes from its current production of about one million metric tonnes based on the country’s housing deficit of about 17 million. According to him, the board and management of the company continue to adopt strategies that will improve returns to stakeholders in the years ahead. Yahyah was appointed chairman of Ashaka Cement in March.as its chairman. He is also the chairman of Nigerian Aviation Handling Company (NAHCO), chairman Rosehill Group, Asokoro Island and a director in several other companies in the country.
Some shareholders had
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expressed optimism that the appointment of Yahyah as the new chairman of AshakaCem would add great value to the cement company.
The National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Mr. Sunny Nwosu had commended the appointment describing him as a man of ground-breaking record in managing quoted companies.