From left, Independent Non-Executive Director; Mrs. Oyinkan Adewale; Independent Non-Executive Director, Mrs Adenike Ogunlesi; Group Manahing Director /Chief Executive Officer, Mr Lolu Alade-Akinyemi, Chairman board of Directors, Prince Adebode Adefioye and Legal Director and Company Secretary, Mrs Adewummi Alode all of Lafarge Africa Plc during the company’s 65th Annual General Meeting held on Friday in Lagos.
Shareholders of Lafarge Africa Plc, a leading innovative and sustainable building solutions company, at its 65th Annual General Meeting (AGM), approved the proposed dividend of 190 kobo per share.
At the AGM which served as a platform to showcase Lafarge Africa’s resilience, innovation, and commitment to delivering value to shareholders amidst challenging economic conditions, Lafarge Africa reported robust financial performance despite the prevailing economic headwinds.
The company announced a dividend of 190 kobo 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 AdebodeAdefioye, 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. GbengaOyebode MFR will succeed him as the Chairman of Lafarge Africa Plc.
Also commenting, the Group Managing Director/CEO, Lafarge Africa Plc., Mr. Lolu AladeAkinyemi said: “Our company’s performance has been remarkable, especially considering the macroeconomic challenges we’ve faced. We achieved a 9 percent 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, 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.
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