Lafarge Shareholders Approve N30.6 Billion Dividend

Lafarge Africa Plc has expressed the firm commitment to 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.

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

He stated that 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.

Speaking on the proposed dividend, Adefioye stressed 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.

Group Managing Director/CEO of the company, Lolu Alade Akinyemi, also noted that 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.”

Similarly, a shareholder and Chairman, Audit Committee, Lafarge Africa, Adebayo Adeleke, applauded the smooth running of the affairs of the company and the dividend declared amid a harsh operating environment.

He said, “I am pleased and genuinely excited about the 190k dividend and I know the shareholders are happy with the dividend payout at this time.”