Ashakacem pays out N336 million dividend to shareholders

Shareholders of AshakaCem Plc have unanimously endorsed a dividend payment of 15 kobo on every ordinary share in issue for the period 2015 financial year, totaling N336 million at the company’s 41st annual general meeting held in Sheraton Hotels, Abuja on 10 May 2016. The dividends will be paid to the shareholders out of retained earnings from the pioneer profit in line with relevant tax laws.

AshakaCem Plc has been participating in the economic growth and development of Nigeria for over 30 yrs.

Speaking on the 2015 financial results at the meeting, the Chairman of the Board of Directors, Mallam Suleiman Yahyah, OON, declared: "The results we are presenting today to shareholders have been achieved in a challenging global and national economic climate. We made 2.7 billion as profit after tax in 2015. The climate is currently tough but we are counting on the resilience, which saw us through the last quarter to propel us to better results in 2016. We now enjoy a more stable and secure operating environment. We are also well positioned to benefit from the threefold increase of capital expenditure envisaged in the 2016 budget."

The Chairman explained that there will be diverse efficiency gains from 2016, citing developments and operational initiatives such as the use of lignite from the company's coal mine at Maiganga, and the planned capacity expansion which will more than double AshakaCem's output in no distant future. The coal-fired power plant will not only support the expansion but also contribute to the ‘Star of the North's social investment in its operating environment by supplying power to the neighbouring communities.

The Managing Director, Mallam Rabiu Abdullahi Umar, added: "Our company continues to be mindful of its partnership with host communities to our facilities. Our commitment to various community development projects is already making positive impact on the local communities and we will not relent on our efforts in this regard".

He sought the continued support of all stakeholders while assuring that the company will remain strong and committed to adding value to its stakeholders in the years ahead.

The shareholders endorsed the appointment of Mallam Rabiu Abdullahi Umar as the Managing Director and Mr. Michel Puchercos as a Non-Executive Director to replace Mr. Peter Hoddinott at the meeting.

Edited from press release by Angharad Lock

Read the article online at: https://www.worldcement.com/africa-middle-east/16052016/ashakacem-pays-out-n336-million-dividend-to-shareholders-3308/