Dipo Olowookere
By Dipo Olowookere
The board of directors of Lafarge Africa (Lafarge Africa) Plc has approved the payment of N1.50k per share dividend to shareholders.
This information was revealed in a statement issued by the company.
In the statement, the cement manufacturer explained that the decision to approve the payment of the cash dividend was taken at the board’s meeting held last Friday.
However, it was emphasised that the dividend payment is “subject to the ratification of members at the Annual General Meeting” slated for Wednesday, May 16, 2018.”
Furthermore, it was said that the “dividend of N1.50k per share will be paid to shareholders whose names appeared on the Register of Members on April 20, 2018.”
In addition, the dividend payment is “from the 2012/2013 pioneer profit of the company and not subject to deduction of withholding tax in respect of the year ended December 31, 2017.”
In the results released last week, the company said it recorded a loss after tax of N34.6 billion in the period under review in contrast to the N16.9 billion profit in 2016.
Also, last year, the firm said it had a loss before tax of N34 billion compared with the N22.8 billion loss two years ago, when the country was in economic recession.
However, the revenue generated by Lafarge Africa in 2017 appreciated by 36.2 percent to N299.2 billion from N219.7 billion in 2016.
Furthermore, the gross profit posted by the company increased by 24.8 percent to N50.8 billion last year from N40.7 billion two years ago.
But the operating profit went down to N7.9 billion in 2017 from N12.4 billion recorded in the previous year. This was mainly due to amount used up by the firm on administrative expenses and other operating expenses.
A look at the balance sheet of Lafarge Africa Plc showed that as at December 31, 2017, the total assets were worth N577.7 billion against N501.4 billion in 2016, while the total liabilities were N420.7 billion last year in contrast to N252.4 billion two years ago.
