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Lafarge Africa shareholders approve dividend

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World Cement,

Lafarge Africa shareholders approved a N15.855 billion dividend for FY14 at the recent AGM in Lagos, Nigeria. The dividend translates to 360 kobo per ordinary share and is up 9% from the 2013 payout.

The company reported EBITDA growth of 16% y/y at similar scope. Addressing shareholders, the company’s Chairman, Chief Olusegun Osunkeye, said: All Nigerian entities showed strong growth, with Ashaka Cement doubling its EBITDA following coal substitution increasing from 35% to 70% and overall increase in operational efficiency by 91% and WAPCO by a solid 8%.”

For Lafarge South Africa Holding, Osunkeye said that the long-term outlook remains positive, pointing out that the strengthening of the Rand versus the Naira will increase the value of South African profits to the Group.

Commenting on the creation of Lafarge Africa, Osunkeye said: "Our cement production capacity has grown from 4.5 million tonnes to about 12 million tonnes. In addition, 3.5 million cubic meters of ReadyMix concretes and over 5.0 million tonnes of Aggregates have been added to the portfolio. The turnover has doubled from N100 billion to N200 billion and the EBITDA has grown from N36 billion to N55 billion. N99 billion of cash was generated from operations in 2014. All of this is building the foundation which was laid over the last few years, and the transformation into Lafarge Africa Plc is a natural progression to take our company to the next level," he said.

Osunkeye retired from the company at the end of the AGM and is succeeded by Mr Mobolaji Balogun.

Adapted from press release by

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