Lafarge Africa Plc Shareholders Approve N1.90 per Share for 2023 FY

Lafarge Africa Plc shareholders recently approved a dividend of N1.90 per share for the fiscal year ending December 31, 2024.

Lafarge Africa Plc shareholders approved the dividend at the firm's 65th annual general meeting (AGM), which was held in Lagos. The event highlighted Lafarge Africa's resilience, innovation, and commitment to delivering value to shareholders despite challenging economic conditions.

During the AGM, Lafarge Africa reported a robust financial performance despite the prevailing economic headwinds. The company announced a dividend of N1.90 per share, reaffirming its commitment to rewarding shareholders for their continued support and confidence in its growth trajectory.

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Speaking to shareholders, the chairman of Lafarge Africa, Prince Adebode Adefioye, stated that "the year 2023 posed unparalleled 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 formidable headwinds, I am pleased to highlight the resilience demonstrated by our operations throughout the year."

On the proposed dividend, Adefioye stated that it reflects the company's prudent capital allocation strategy and underscores its commitment to delivering sustainable value to its esteemed shareholders even in these challenging times.

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The chairman also informed the shareholders that he would be retiring from the Board, effective after the 65th AGM. He announced that Gbenga Oyebode would succeed him as chairman of Lafarge Africa Plc.

The group managing director/CEO of Lafarge Africa, Lolu Akinyemi, said, "Our company's performance has been remarkable, especially considering the macroeconomic challenges we have faced. We achieved a nine percent 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."

Long-standing shareholder and chairman of the Audit Committee, Lafarge Africa, Mr. 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."

Lafarge Africa Plc is still dedicated to promoting sustainability, innovation, and shareholder value.  The cement company will continue to invest in research and development, explore opportunities for operational optimisation, and prioritise sustainability initiatives to ensure long-term growth and success.

In March this year, the Board of Directors of Lafarge Africa announced that it will pay shareholders a dividend of N1.90 per unit of its shares for the year ending December 2023, totaling N30.60bn. However, it was reported that in 2022, the total dividend payout was N32.22 bn.

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The firm filed a corporate notice with Nigeran Exchange Limited after the company's board of directors proposed the dividend for shareholders. However, shareholders will vote on this decision for that period at Lafarge's next Annual General Meeting (AGM).

According to the cement manufacturing financial statement for the year ending December 2023, it was stated that the firm's revenue increased by 8.6% to N405bn from the corresponding year, which finished with N373bn in 2022.

Lafarge's post-tax profit declined by 4.7% to N51.14bn due to the devaluation of the naira.

Lafarge recorded a higher effective tax rate last year following the expiry of the Pioneer Status Incentive in 2022.