AGS NEWS – Lafarge Africa’s Board of Directors has recommended a dividend payout of N1.90 per share for the fiscal year ending December 2023, totaling N30.60 billion.

This dividend offering represents a decrease from the N32.22 billion dividend paid out in the preceding year.

The proposed dividend, as outlined in a corporate disclosure submitted to the Nigerian Exchange Limited on Thursday, awaits approval from shareholders at the upcoming Annual General Meeting.

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According to the notice, shareholders registered by the close of business on Thursday, March 28, 2024, will be eligible to receive a final dividend of 190 kobo per unit of 50 kobo ordinary share, sourced from the Pioneer Reserve.

In its financial report for the same period, Lafarge Africa disclosed an approximately 8.6 percent rise in revenue, reaching N405 billion compared to N373 billion in the previous year.

However, post-tax profit declined by 4.7 percent to N51.14 billion, primarily impacted by the devaluation of the naira.

The company also experienced a higher effective tax rate due to the expiration of the Pioneer Status Incentive in 2022.

Commenting on the results, Lafarge Africa’s Chief Executive Officer, Lolu Alade-Akinyemi, emphasized the company’s resilient business fundamentals amidst challenging economic conditions.

Despite facing significant headwinds such as inflation and currency devaluation, the company improved its operating margin and maintained a strong balance sheet.

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Alade-Akinyemi expressed gratitude to employees and stakeholders for their commitment, highlighting the company’s dedication to delivering sustainable value.