Cement manufacturer Lafarge Africa Plc has posted 30.8 per cent growth in recurring earnings before interest and taxes (EBIT).
Prince Adebode Adefioye, Chairman of the company’s board, said on Friday in Lagos that the growth was presented and approved at its 62nd Annual General Meeting (AGM) held on May 25.
Adefioye said that in spite of COVID-19 pandemic challenges, the company recorded 8.3 per cent increase in net sales driven primarily by strong volume growth.
Adefioye hinged the successes 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.
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He said, in a statement, 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.
“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,” he said.
Adefioye added that, at the AGM, shareholders unanimously agreed on the proposed final dividend of 100k per share.
The Chief Executive Officer of Lafarge, Mr Khaled El-Dokani, stated that the audited financial statement gave a true picture of the company’s financial performance during the period under review.
El-Dokani said in spite the harsh realities of the COVID-19 pandemic, the company was able to outperform its previous performance due to deliberate focus by the company’s management and employees.
“The company focuses on being in a ‘sold-out’ situation, where we can sell all that we produce,’’ he said.
A 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 COVID-19 pandemic.
Lafarge Africa is a member of LafargeHolcim, headquartered in Switzerland.