Lafarge Africa Plc, a leading innovative and sustainable building solutions company and manufacturer of a range of cement brands successfully held its 66th Annual General Meeting (AGM) in Lagos on Friday.
The AGM, attended by shareholders, board members, and stakeholders, reviewed the company’s exceptional 2024 financial results and set the stage for accelerated growth.
In the 2024 financial result released in February, Lafarge Africa announced a remarkable revenue of N696.76 billion for the 2024 financial year.
The growth in revenue represents an increase of 72% from N405.50 billion recorded in 2023. Operating profit grew by 89% from N102 billion in 2023 to N193 billion in 2024 while Profit after tax surged to N100billion from N51billion, representing an increase of 96% over 2023.
During the AGM, shareholders approved a final dividend of N1.20kobo per share, reinforcing the company’s commitment to delivering value.
The recent agreement by Holcim Group to sell its 83.81% stake in Lafarge Africa to Huaxin Cement Ltd. was also acknowledged, marking a pivotal step toward future expansion and innovation.
Addressing shareholders at the AGM, Chairman Lafarge Africa Plc, Gbenga Oyebode MFR, said that the success recorded in the 2024 financial year reflects the shared vision and trust of the company’s shareholders. “Today’s AGM reflects the strength of our shared vision and the trust of our shareholders. Our remarkable performance amidst the economic headwinds underscores our commitment to excellence and sustainable growth.
We are well positioned to drive sustainable growth, empower communities, and shape Nigeria’s infrastructure for generations to come,” he said.
Also speaking at the AGM, the Group Managing Director/Chief Executive Officer, Lafarge Africa Plc, Lolu Alade-Akinyemi, stated, “Our 66th AGM celebrates a year of remarkable achievements spurred by innovation and sustainability.
Achieving 76% revenue growth in the face of economic challenges attests to our dedication and strategic focus. We remain committed to innovation, sustainability, operational excellence, and delivering superior value to our stakeholders.”
Mr. Eric Akinduro, Chairman of the Ibadan Zone Shareholders’ Association, ratifying the outcome of the AGM, remarked: “This is indeed a remarkable time for the shareholders of Lafarge Africa Plc, owing to the commitment, discipline, dedication, and professionalism demonstrated by the leadership of the organization.
The profit declared demonstrates that Nigerians can achieve excellence when given an enabling environment. With the current trajectory, I am confident that the company’s financial performance will continue to improve year after year.”
Lafarge Africa continues to prioritize sustainable practices, with initiatives aimed at reducing carbon emission and accelerating green growth. This is highlighted by the company’s adoption of calcined clay in cement production, eco-friendly products, and the expansion of its green logistics framework.
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About Lafarge Africa Plc
Lafarge Africa Plc, a leading Nigerian building solutions company, is a member of Holcim Limited, a global leader in innovative and sustainable building solutions.
Listed on the Nigerian Exchange Group, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.
Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.
Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria.
Lafarge Africa Plc is renowned for the production of a wide range of cement solutions designed to meet all building and construction needs from small projects like individual home buildings to major construction projects. Additional information is available on the web site at www.lafarge.com.ng
