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, 2020.
Details of the company’s audited results for the financial year ended December 31, 2020 released on the Nigerian Stock Exchange showed impressive performance in spite of the impact of the coronavirus pandemic on the economy.
Specifically, the report showed that turnover for the year rose by 8.3 percent to N230.57 billion, from N212.99 billion recorded in the corresponding period of 2019.
Profit after tax rose by 98.8 percent N15.52 billion posted in 2019 to N30.84 billion, while earnings per share stood at N1.91, an increase of 98.8 percent from 96k in 2019.
Cost of sales inched higher by four percent to N163.33 billion from N157.05 billion in the corresponding period of 2019.
Also, gross profit appreciated by 20.2 percent to N67.24 billion as against N55.95 billion recorded in 2019.
Net finance expense declined by 49.9 percent year-on-year to N8.5 billion as the business continued to benefit from previous deleveraging efforts.
The Chief Executive Officer, Lafarge Africa, Khaled El Dokani, attributed the company’s 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 percent, recurring EBIT of 30.8 percent growth and net income of 98.8 percent 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 & 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 NSE, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa. (NAN)