Shareholders of Lafarge Africa Plc has approved the payment of dividend and bonus that was proposed by the board of directors of the company for the financial year ended December 31, 2015. The approval was at the cement company 57th Annual General Meeting held in Lagos.
A breakdown of the corporate action shows that N3 dividend per share was declared which is below N3.60 kobo that was paid in 2014. Aside the dividend that was paid, a bonus issue of one new share for every ten shares previously held by shareholders will be issued to shareholders whose names appears in the register of members as at the close of business on June 15, 2016.
The shareholders used the opportunity of the annual meeting to deliberate on some key issues that impacts on the company growth. While the board chaired by Mobolaji Balogun assured the shareholders that they see opportunities in 2016 and beyond for the building material sector.
Adding that the 2.5Mtpa cement capacity expansion work in the Mfamosing plant at Unicem, when completed this year, will increase the company total cement production capacity of Unicem to 5Mtpa and 14.1 Mtpa for Lafarge Africa. It would be recalled that Lafarge Africa just raised N60 billion to refinance its debts and restructure its balance sheet for optimum performance in the years ahead.
Analysis of its first quarter result for the period ended March 31, 2016 shows that turnover dropped from N74.12 billion in 2015 to N52.42 billion in 2016. Gross profit also fell from N24.95 billion in 2015 to N7.81 billion in 2016.
