Corporate Updates
Lafarge Africa holds 65th AGM, announces strong financial results and dividend
Lafarge Africa Plc, a leading innovative and sustainable building solutions company, is pleased to announce the successful conclusion of its 65th Annual General Meeting (AGM). The AGM served as a platform to showcase Lafarge Africa’s resilience, innovation, and commitment to delivering value to shareholders amidst challenging economic conditions.
During the AGM, Lafarge Africa reported robust financial performance, despite the prevailing economic headwinds. The company announced a dividend of 190k per share, reaffirming its commitment to rewarding shareholders for their continued support and confidence in the company’s growth trajectory.
Addressing Shareholders during the meeting, Prince Adebode Adefioye, the Chairman, Lafarge Africa Plc stated: “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 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 with effect from after the 65th AGM. He also announced that Mr. Gbenga Oyebode MFR will succeed him as the Chairman of Lafarge Africa Plc.
Also commenting, the Group Managing Director/CEO, Lafarge Africa Plc., Mr. Lolu Alade Akinyemi said: “Our company’s performance has been remarkable, especially considering the macroeconomic challenges we’ve faced. We achieved a 9% 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.”
Longstanding shareholder and Chairman of, Audit Committee, Lafarge Africa Plc; Mr. Adebayo Adeleke, expressed satisfaction, stating, “I’m pleased and genuinely excited about the 190k dividend and I know the shareholders are happy with the dividend payout at this time.”
Lafarge Africa remains committed to driving innovation, sustainability, and shareholder value. Moving forward, the building solutions company will continue to invest in research and development, explore opportunities for operational optimization, and prioritize sustainability initiatives to ensure long-term growth and success
About Lafarge Africa Plc
Lafarge Africa Plc, a leading Nigerian building solutions company is a member of Holcim Limited, a global leader in innovative and sustainable building solutions. Listed on the Nigerian Exchange Group, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.
Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.
Lafarge Africa leverages its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Additional information is available on the website at www.lafarge.com.ng
About Holcim
Holcim builds progress for people and the planet. As a global leader in innovative and sustainable building solutions, Holcim is enabling greener cities, smarter infrastructure, and improving living standards around the world. With sustainability at the core of its strategy, Holcim is becoming a net zero company, with its people and communities at the heart of its success. The company is driving the circular economy as a world leader in recycling to build more with less. Holcim is the company behind some of the world’s most trusted brands in the building sector including ACC, Aggregate Industries, Ambuja Cement, Disensa, Firestone Building Products, Geocycle, Holcim, and Lafarge. Holcim is 70,000 people around the world who are passionate about building progress for people and the planet through four business segments: Cement, Ready-Mix Concrete, Aggregates, and Solutions & Products.
More information is available on www.holcim.com
CONTACT
Ginikanwa Frank-Durugbor
Head, Corporate Communications
[email protected]
