Lafarge Africa Plc held its 65th Annual General Meeting (AGM), which served as a platform to demonstrate the company’s commitment to providing value to shareholders in the face of challenging economic conditions.
Despite the current economic headwinds, Lafarge Africa reported strong financial performance at its AGM.
The company declared a dividend of 190 kobo per share, reaffirming its commitment to rewarding shareholders for their continued support and belief in the company’s future prospects.
Adebayo Adeleke, a long-time shareholder and chairman of Lafarge Africa Plc’s audit committee, expressed satisfaction, saying, “I’m pleased and genuinely excited about the 190kobo dividend, and I know the shareholders are happy with the dividend payout at this time.”
Addressing shareholders during the meeting, Adebode Adefioye, 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 Gbenga Oyebode will succeed him as the Chairman of Lafarge Africa Plc.
Also commenting, Lolu Alade Akinyemi Group Managing Director/CEO, Lafarge Africa Plc 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.”
