Lafarge Africa post N17.2bn profit, to pay N1/share dividend

Lafarge Africa Group Plc has recorded a profit before minimum tax of N17.2 billion in 2019, an impressive performance when compared to a loss before minimum tax of N1.5 billion in 2018. Thus, the board is offering a dividend of one Naira per share for the year ended 2019.

According to the financial statement submitted to the Nigerian Stock Exchange (NSE), the company’s Profit from continuing operation closed at N15.5 billion in 2019 as against a loss of N8.1 billion during the comparable period in 2018. The Operating Profit for 2019 stood at N34.9 billion, as compared to N38.5 billion in 2018.

It posted a revenue of N213 billion as compared to N217 billion recorded in 2018. The cost of sales also increased to N157 billion as against 150.7 billion reported during the comparable period in 2018.

In addition, Lafarge Africa Group’s audited financial results showed its selling and marketing cost increased to N5 billion during the period under review compared to N3.8 billion as of 2018, while administrative expenses also reduced greatly to 17.6 billion in the year 2019, from N24.9 billion during the comparable period last year.

Speaking on the financial result, Khaled El Dokani, CEO of Lafarge Africa said the company’s turnaround and cost-reduction strategy in FY 2019 and the divestment of the South African business had delivered strong results.

“The decrease in net debt has significantly strengthened our balance sheet and has placed us in a vantage position to face the future.”

Meanwhile, the board has proposed the payment of N1 dividend to shareholders of the company as against the previous financial year where no cash reward was made to investors.

If approved by shareholders at the company’s forthcoming Annual General Meeting (AGM), the total amount of the dividend to be paid would be N16.1 billion.

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