Lafarge Africa, a member of LafargeHolcim, at its 62nd Annual General Meeting (AGM), posted 30.8 per cent growth in recurring earnings before interest and taxes (EBIT).
Prince Adebode Adefioye, Chairman of the Board said in a statement on Friday in Lagos, after the virtual AGM on May 25.
Adefioye said that in spite of COVID-19 pandemic evident challenges from the previous fiscal year, Lafarge Africa recorded an 8.3 per cent increase in net sales driven primarily by strong volume growth.
According to him, shareholders unanimously agreed on the proposed final dividend of 100k per share as the company shows strong growth in recurring EBIT.
He said that the audited financial result for 2020 was an indication of the validity of the company’s execution of the “health, cost and cash” action plan; which has led to impressive results.
Adefioye also hinged the successes shown in the 2020 financial result on the resilience of the brand and ability to deploy strategic stakeholder engagements as well as a balanced shared value approach of achieving corporate performance.
“Lafarge Africa is committed to building a more sustainable and inclusive economy that works for all.
“To reinforce our sustainability leadership, we have continued to integrate initiatives and policies to deliver superior stakeholder value through innovation, creativity and continuous improvement in line with global best practices.
“Notwithstanding the pandemic, Lafarge Africa demonstrates resilience and is very proud of how management and employees truly enlivened Lafarge values, keeping the people and business safe while standing resolute by host communities.
“It is amid this circumstance that Lafarge Africa operated in 2020, it is additionally pleasing to note that our management also demonstrates considerable agility in the successful implementation of our Health, Cash and Cost action plan in managing the pandemic to ensure a positive outcome for our company,” he said.
The Chief Executive Officer of Lafarge, Mr Khaled El-Dokani, stated that the audited financial statement for full-year 2020 gave a true picture of the company’s financial performance during the period under review.
El-Dokani further stated that in spite the harsh realities of the COVID-19 pandemic that reverberated around the world, the company was able to outperform its previous performance due to deliberate focus on going green toward an overall net-zero ambition.
“The company focuses on being in a ‘sold-out’ situation where we can sell all that we produce,’’ he said.
Also, representative of the shareholders, Mr Sunny Nwosu, commended Lafarge Africa for sustaining profit and dividend payment in spite the harsh and challenging economy experienced in 2020 as a result of the pandemic.