HomeEnvironment & ClimateLarfarge Restates Commitment To Sustainability Plans, Approves Shareholders Dividend Of N32b

Larfarge Restates Commitment To Sustainability Plans, Approves Shareholders Dividend Of N32b

Lafarge Africa Plc has restated its commitment to sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovation in products, building solutions, and delivery of superior performance.

The Chairman of the company, Adebode Adefioye made this known while addressing the shareholders of the company at the yearly general meeting held in Lagos.

According to him, “By driving circular construction that reduces waste and recycling of materials, we promote stewardship of the environment and contribute to the global decarbonisation agenda.

“In line with Holcim’s 2030 ambition, we continue to increase the use of alternative fuel, thereby reducing our carbon footprint and accelerating our journey towards net zero by 2050,” he added.

The company also announced that shareholders have approved a total dividend of N32 billion, translating to 200 kobo per share due to every investor of the company for the 2022 financial year.

Adefioye said the domestic cement market remained strong with sustained demand, despite a slow-down experienced in the second half of the year due to pre-election activities, gas supply shortage, and flooding in some parts of the country.

He pointed out that the company increased its revenue by 27 per cent from N293 billion recorded in 2021 to N373 billion. Its operating profit also improved by 29.3 per cent on the back of net sales improvement to close at N84.2 billion.

Adefioye stated that Lafarge has once again demonstrated business resilience despite the prevailing economic situations and challenges. He asserted that the company’s performance shows its commitment to granting shareholders a return on their investments.

According to him, the company’s net sales increased by 27 per cent compared to N373.2 billion while operating profit improved by 29.3 per cent on the back of net sales improvement to close at N84.2 billion.

In addition, he said cost-saving initiatives implemented across its value chain contributed partly to improvement in the operating profit.

According to the company, the improvement in net sales and operating profit resulted in an increase of 12 per cent rise in profit before tax to N69.7 billion and profit after tax of N53.6 billion representing 5.2 per cent increase.

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