Finance

Lafarge posts N51bn profit, declares N2 dividend per share.

Lafarge Africa’s profit rises by 18%

Lafarge Africa shareholders has at its 63rd Annual General Meeting in Lagos, Thursday, unanimously approved a total dividend of 200 kobo per share (interim and final dividends) as the company reported a profit after tax (PAT) of N51 billion, a growth of 65.4 per cent as against the previous year’s result.

Lafarge Africa also recorded a 27.1 per cent increase in net sales driven primarily by strong volume and price improvement. The audited financial result for 2021 is an indication of the strength of the company’s execution of its strategy, which has led to impressive results.

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Addressing shareholders during the meeting, Prince Adebode Adefioye, Chairman of the company’s board, hinged the company’s success on the rising demand for cement as building and construction activities picked up nationwide. ‘The cement industry experienced another year of strong growth, mainly attributable to increased government expenditure on infrastructure and improved real-estate investments by private and commercial home builders.”

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According to Adefioye, the company benefited from these improved market conditions with volume and price growth; with net sales increasing by 27.1 per cent,  compared with the previous year, to close at N293.1 billion. “The positive impact of increased net sales, moderated cost of sales, selling, distribution and administrative expenses amid inflation and devaluation pressures resulted in improved margins recorded for the year.”

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“Through effective governance frameworks, assessments, as well as monitoring and evaluation, we are entrenching a culture of ownership, ethics and corporate responsibility in our activities…”

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