By Dipo Olowookere
The board of Lafarge Africa Plc has proposed the payment of N13 billion dividend to shareholders of the cement firm for the year ended December 31, 2017, representing N1.50k per share.
This is against the N5.8 billion paid in December 2016, representing N1.05k per share.
However, the dividend payment is subject to approval by the shareholders at the Annual General Meeting slated for May 16, 2018.
Business Post reports that the dividend payment is despite the loss in profit the cement manufacturer declared in its financial statements for the year ended December 31, 2017.
In the results, 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.
View the full financial statements HERE
Adedapo Adesanya