Lafarge Africa Plc on Wednesday declared a total dividend of N16.11 billion for the 2020 financial year, in spite of the COVID-19 pandemic challenges.
The dividend translated to N1 per share and would be payable to shareholders on the register of the cement group as at the close of business on May 7.
The company’s audited results for the financial year ended Dec. 31, 2020 released on the Nigerian Stock Exchange showed impressive performance in spite of the coronavirus pandemic.
Specifically, turnover rose by 8.3 per cent to N230.57 billion from N212.99 billion achieved in the corresponding period of 2019.
Profit after tax rose by 98.8 per cent to N30.84 billion compared with N15.52 billion posted in 2019, while earnings per share stood at N1.91, an increase of 98.8 per cent from 96k in 2019.
Cost of sales inched higher by four per cent to N163.33 billion from N157.05 billion in the corresponding period of 2019.
Also, gross profit appreciated by 20.2 per cent to N67.24 billion as against N55.95 billion recorded in 2019.
Net finance expense declined by 49.9 per cent year-on-year to N8.5 billion as the business continued to benefit from previous deleveraging efforts.
Speaking on the report, the Chief Executive Officer, Lafarge Africa, Mr Khaled El Dokani, attributed the performance to its “Health, Cost & Cash” action plan.
“Our ‘Health, Cost & Cash’ action plan delivered results in 2020 amidst the COVID-19 pandemic, which triggered inflationary and naira devaluation pressures and production challenges.
“Full year 2020 results remained resilient, with net sales growth of 8.3 per cent, recurring EBIT of 30.8 per cent growth and net income of 98.8 per cent growth.
“We are proud of our people, who stand with our communities, and of our sustainability commitments to accelerate the net zero pledge through affordable clean energy and our agri-ecology footprint,” he said.
On outlook for 2021, Dokani said that the company would focus on the implementation of its strategy and execution of the “HEALTH, COST and CASH” action plan.
Lafarge Africa Plc, a sub-Saharan Africa building materials company, is a subsidiary of LafargeHolcim, a world leader in building materials.
Listed on the Nigerian Stock Exchange, Lafarge Africa is actively participating in the urbanisation and economic growth of Nigeria, the largest economy in Africa.