By Itohan Abara-Laserian
Prince Adebode Adefioye, chairman of the company’s board of directors, said in Lagos on Friday that the growth was presented and approved at its 62nd annual general meeting (AGM) held on May 25.
Adefioye said that despite the challenges of the COVID-19 pandemic, the company recorded an 8.3% increase in net sales, mainly thanks to strong volume growth.
Adefioye has articulated successes on brand resilience and the ability to deploy strategic engagements with stakeholders as well as a balanced shared value approach to achieve business performance.
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, costs and cash” action plan; which led to impressive results.
“Lafarge Africa is committed to building a more sustainable and inclusive economy that works for all.
“To strengthen our sustainability leadership, we continued to integrate initiatives and policies aimed at delivering superior value to stakeholders through innovation, creativity and continuous improvement in line with global best practices. .
“Despite the pandemic, Lafarge Africa is showing resilience and is very proud of how management and employees have truly brought Lafarge values to life, ensuring the safety of people and businesses while remaining resilient by communities of ‘welcome,’ he said.
Adefioye added that at the AGM, shareholders unanimously agreed on the proposed final dividend of 100k per share.
Lafarge Chief Executive Officer Khaled El-Dokani said the audited financial statements gave a true and fair view of the financial performance of the company during the period under review.
El-Dokani said that despite the harsh realities of the COVID-19 pandemic, the company has been able to outperform its previous performance thanks to deliberate attention from company management and employees.
“The company is focused on a ‘out of stock’ situation where we can sell whatever we produce,” he said.
A shareholder representative, Mr. Sunny Nwosu, praised Lafarge Africa for supporting the payment of profits and dividends despite the tough and difficult economy of 2020 following the COVID-19 pandemic.