Shareholders of Lafarge Africa Plc on Monday approved a dividend of 300 kobo per share and a bonus of one new share for every 10 shares held for the year ended December 31, 2015.
The approval was given at the company’s annual general meeting held in Lagos. The company’s revenue grew by 2.5 per cent against previous year’s, reaching N267 billion in a challenging market. Strong cash flow amounting to N57.9 billion was also generated for the year.
In his address, Chairman, Board of Directors, Lafarge Africa Plc, Mr. Mobolaji Balogun noted that 2015 was transformational and the first full operational year of the new enlarged company.
“We have now built a significant platform to drive value creation for all stakeholders and in particular, our shareholders. I thank our shareholders and my colleagues on the Board of Directors for their support and commitment that ensured that we were able to carry out these strategic initiatives,” he said.
He said the company continued to build on the successful completion of the Lafarge Africa asset consolidation through some strategic initiatives, including increasing its shareholding in Ashakacem to 82.46 per cent and acquisition of further stake in Unicem.
Balogun foresees growth opportunities in 2016 and beyond for the building material sector, saying “The 2016 Federal Government budget indicates a significant increase in the spending on infrastructure and capital projects. The government recognizes the urgent need to re-invest in Nigerian infrastructure to catalyze much needed growth. With the on-going 2.5mt expansion project in Calabar, which is expected to be commissioned before year end, and plans for Ashaka, our cement production capacity in Nigeria is on the increase” he stated.
The Group Managing Director/CEO, Mr. Michel Puchercos said the Nigerian operations of Lafarge Africa, having been successfully unified and rationalised under one management team, is cognisance of the different stakeholders expectations and promise to drive efficiencies that will ultimately generate remarkable synergy savings for overall improved performance.
“Overall, new strategies in penetrating retail, new geographies and the technical segment are expected to push Lafarge Africa’s volumes to grow above a flat market in all three product lines,” he said.