Lafarge Africa posts 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, CCEO 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 one naira 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.





Buy and read digital replicas of your TRIBUNE titles by subscribing through E-VENDING

I Consumed Carrots, Vitamin C, Blackseed Oil With Honey To Fight Coronavirus, Says Makinde •I’ll ensure no Oyo citizen dies from COVID-19
Oyo State governor, Seyi Makinde, has disclosed what he did in isolation in order to become negative of the coronavirus… Read full story

COVID-19: Lagos Govt Rejects Chinese Doctors
Lagos State government on Monday said it is not expecting any Chinese doctors for support to tackle its Coronavirus(COVID-19) pandemic… Read full story

Nine Months After, Suspected Killers Of Funke Olakunrin, Pa Fasoranti’s Daughter, Land In Police Net
After nine months after she was murdered , the Special Anti Robbery Squad of the Ondo State Police Command has arrested four suspects in… Read full story 

COVID-19: Fake Chloroquine 250mg Tablets Now In Circulation, NAFDAC Warns
The National Agency for Food and Drug Administration and Control (NAFDAC) on Monday alerted Nigerians on the circulation of fake chloroquine… Read full story

FG Declares Friday, Monday As Public Holidays To Mark Easter Celebration
The Federal Government has declared Friday, April 10 and Monday, April 13 as public holidays to mark the 2020 Easter celebration… Read full story

No Going Back On Inviting Chinese Doctors, But They Won’t Have Contacts With Patients, Says FG
Despite opposing the idea by many Nigerians, including the Nigerian Medical Association (NMA) and the Nigerian Association of Resident… Read full story

COVID-19: Lagos Ready To Accept Chinese Molecular Biologists, Logisticians, Not Doctors — Prof. Abayomi
Lagos State government on Monday said it is not expecting any Chinese doctors for support to tackle its Coronavirus pandemic, disclosing that… Read full story

COVID-19: Chinese Doctors Must Be Quarantined For 14 Days, Follow Immigration Laws ? Gbajabiamila
The Speaker of the House of Representatives, Honourable Femi Gbajabiamila on Monday said that Chinese doctors coming to Nigeria to assist in… Read full story

FG, States, Councils To Share $150m From Stabilisation Fund • As states get debt, interest moratorium FG, CBN loans
With monthly federation account receipts projected to fall below N400 billion because of coronavirus pandemic and fallen price of crude oil… Read full story

Inside 56-Year-Old Ogbomoso Waterworks Begging For Government Attention
On October 10, 1964, almost 56 years ago, the then Premier of the old Western Region, Chief Samuel Ladoke Akintola, inaugurated the Ogbomoso Waterworks Project on Yaku land in Ogbomoso North Local Government Area of Oyo State. The project, as one of the legacies of the old Western Region, greatly served… Read full article

African Development Bank Gets Acting Director Of Communication And External Relations
The African Development Bank Group has announced the appointment of Mrs. Nafissatou N’diaye Diouf as the acting Director for Communications and External Relations effective 1 April 2020… Read full story

You might also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More