Lafarge Africa Plc has assured shareholders of improved performance and higher returns on their investments having significantly strengthened its balance sheet. The outgoing chairman of the company, Omobolaji Balogun, stated this at the company’s 61st annual general meeting (AGM) held in Lagos on Wednesday.
According to him, Lafarge Africa is now at a vantage position to face the future despite the current challenges brought on by the global pandemic- COVID-19.
“The underlining strength of the company’s turnaround and cost-reduction strategy in full year 2019 and the divestment of the South African business have placed Lafarge on more solid financial footing even as the company continues to create more opportunities in the Nigerian market on the basis of its global capabilities in product innovation,” he said.
Balogun said , “having overseen the progress in our transformation plan, the clean-up of our balance sheet, its return to robust profitability, streamlining of our operations, the renewal of our Board and the smooth chief executive officer (CEO) and chief financing officer (CFO) succession plan, it is with a deep sense of gratitude to God, that I feel fulfilled, in retiring as chairman, knowing that the board and our company is in a very good shape.”
While thanking the shareholders for their support over the years, Balogun said the N1 dividend pay-out was a worthy return on their investments.
On his part, CEO of Lafarge Africa, Khaled El Dokani, commended the shareholders for their continued confidence in the company.
“Our shareholders have been supportive over the years and we look forward to more robust years in our collective commitment to improving lives as we implement initiatives that will keep us on a growth trajectory. We are very positive about Lafarge and its future,’’ he said.
Some of the shareholders commended the outgoing chairman and the improved performance recorded in 2019.
Sunny Nwosu of Independent Shareholders Association of Nigeria hailed Balogun for putting the company on the path to profitability as well as the fulfilment of the pledge to pay dividend to all shareholders.
Also speaking, Mrs. Bisi Bakare of the Pragmatic Shareholders Association of Nigeria, said the company had consistently introduced new quality products in the market.