This signifies the firm’s return to profit after earning N17.2 billion in 2019, compared to a loss of N1.5 billion it recorded in 2018.
At the firm’s 61st Annual General Meeting (AGM), which held by proxy, yesterday, had in attendance shareholders representing a broad category of individuals and institutional investors, representative of the Nigerian Stock Exchange, members of the board and executives of the company.
Addressing shareholders during the meeting, the outgoing Chairman Mr. Mobolaji Balogun, said: “Lafarge Africa has significantly strengthened its balance sheet and is now in a vantage position to face the future despite the current challenges brought on by the global pandemic- COVID-19.
The underlining strength of the company’s turnaround and cost-reduction strategy in FY 2019 and the divestment of the South African business have placed Lafarge on more solid financial footing even as the company continues to create more opportunities in the Nigerian market on the basis of its global capabilities in product innovation.”
Balogun said that the dividend pay-out was a worthy return on their investments and assured them of the dividend payment to shareholders whose names appear in the Register of Members as at 30th April, 2020, and who had completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.
Khaled El Dokani, the Chief Executive Officer of Lafarge Africa Plc, also commended the shareholders for their continued confidence in the company.
He remarked: “Our shareholders have been supportive over the years and we look forward to more robust years in our collective commitment to improving lives as we implement initiatives that will keep us on a growth trajectory. We are very positive about Lafarge and its future.’’
At the same event, a new Board Chairman was appointed by the firm. The newly appointed chairman, Mr. Adebode Adefioye, was until his appointment a Non-Executive Director of the Company.
Prior to his appointment, he was Chairman, Finance and Strategy Committee, Chairman, Board Property Optimization Committee and a Member of the Nominations, Governance and Remuneration Committee.
He has also served on the Statutory Audit Committee and the Risk Management & Ethics Committee of the Company.