Lafarge Africa Plc.has declared Profit After Tax of 51 Billion Naira, a 65.4% growth as against the previous year’s result.
The company who disclosed this at its 63rd Annual General Meeting held in Lagos recently also said shareholders unanimously agreed on the proposed total dividend of 200k per share (Interim and Final Dividends).
In a statement, the Country CEO, Lafarge Africa Plc.Mr. Khaled El Dokani, said: “Our 2021 result was a record one and the PAT also was the best profit declared in a decade. Our top-line was mainly driven by volume growth, as well as the price improvement that we have noticed throughout the year, both have contributed to the improvement on our topline compared to last year.”
El Dokani further remarked: “In 2021, the cement demand was fairly good, I believe the country showed extreme commitment towards developing the infrastructure across the board.’
Addressing shareholders during the meeting, Chairman of the company’s board Prince Adebode Adefioye 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.”
According to Adefioye, the company benefited from these improved market conditions with volume and price growth; with net sales increasing by 27.1% 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 amidst inflation and devaluation pressures resulted in improved margins recorded for the year.”
A representative of the shareholders, Pastor Olagoke Samson Olusegun commended Lafarge Africa Plc for sustaining profit and dividend payment despite the harsh and challenging economy experienced in the year 2021. “I want to commend the chairman and the board. We know where we were in 2019, so today is a day of celebration