Lafarge Africa Plc, a leading innovative and sustainable building solutions company, is pleased to announce the successful conclusion of its 65th Annual General Meeting (AGM). The AGM showcased Lafarge Africa’s resilience, innovation, and commitment to delivering value to shareholders despite challenging economic conditions.

During the AGM, Lafarge Africa reported robust financial performance despite the prevailing economic headwinds. The company announced a dividend of 190k per share, reaffirming its commitment to rewarding shareholders for their continued support and confidence in its growth trajectory.

Addressing Shareholders during the meeting, Prince Adebode ADEFIOYE, the Chairman of Lafarge Africa Plc, stated: "The year 2023 posed unparalleled challenges for Lafarge Africa, with soaring inflation rates and a volatile currency landscape further compounded by the aftermath of election activities and a currency reform attempt. Despite these formidable headwinds, I am pleased to highlight the resilience demonstrated by our operations throughout the year."

On the proposed dividend, Adefioye noted that it reflects the company’s prudent capital allocation strategy and underscores its commitment to delivering sustainable value to its esteemed shareholders even in these challenging times.

The Chairman also notified the shareholders of his voluntary retirement from the Board, effective after the 65th AGM. He also announced that Mr. Gbenga OYEBODE MFR will succeed him as the Chairman of Lafarge Africa Plc.

Also commenting, the Group Managing Director/CEO of Lafarge Africa Plc., Mr Lolu ALADE Akinyemi, said: "Our company's performance has been remarkable, especially considering the macroeconomic challenges we've faced. We achieved a 9% increase in net sales. Despite issues like foreign exchange volatility and inflation, I am optimistic about our medium to long-term outlook. This optimism is grounded in our commitment to delivering value to our customers and maintaining a resilient business."

Longstanding shareholder and Chairman of the Audit Committee at Lafarge Africa Plc, Mr Adebayo Adeleke, expressed satisfaction, stating, "I'm pleased and genuinely excited about the 190k dividend, and I know the shareholders are happy with the dividend payout at this time."

Lafarge Africa remains committed to driving innovation, sustainability, and shareholder value. 

The building solutions company will continue to invest in research and development, explore opportunities for operational optimization, and prioritize sustainability initiatives to ensure long-term growth and success.