Lafarge Africa Plc grows half-year profit by 21% to N28.3 billion.

Lafarge Africa Plc released its unaudited financial results for the period ended 30th June, 2021.

  • Revenue for the period was N145.01 billion (+20.3% YoY)
  • Cost of sales was N96.97 billion. (+23.01% YoY)
  • Operating profit was N38.22 billion. (+16.5% YoY)
  • Administrative expenses totalled N9.17 billion. (+17.1% YoY)
  • Profit after tax for the period was N28.3 billion. (+21.4% YoY)
  • Earnings per share of N1.76 Vs N1.45 YoY.

See link to results.

Lafarge Africa Plc redeems 5-Year fixed rate Series 2 bond worth N33.6 billion.

Lafarge Africa Plc has announced the redemption of its matured N33.6 billion Series 2 bond due on June 15, 2021.

This is according to a notice signed by the company’s CFO, Lolu Alade-Akinyemi, and sent to the Nigerian Exchange Group Limited.

According to the notice, the redeemed bond was issued on June 15, 2006 with a 5-year tenor and a fixed coupon of 14.75%. Sequel to this, the firm has announced the redemption of the matured bond. Affirming this, a part of the recently issued notice read thus: ‘’ The Company leveraging on its performance and its recently concluded Management strategic plans to systematically deleverage the Company, has redeemed the Series 2 Bond from internally generated cash flow.

’In view of this, the Company has no outstanding issued Bond under the N100 Billion Bond issuance Programme.’’

What you should know:

  • Lafarge Africa Plc had registered a N100 billion Bond Issuance Programme in June 2016, out of which the sum of N60 billion was issued in Series 1 and 2 of the programme.
  • The Series 1 bond was issued on June 10, 2016 with a 3-year tenor and at a fixed coupon of 14.25%. This bond has since been redeemed.
  • In addition, the Series 2 bond which was due to mature on June 15 2021, has now been fully redeemed.

For more information about the recent disclosure, click HERE.

Lafarge Africa Plc approves dividend pay-out of N16.1 billion to shareholders.

The Board of Directors of Lafarge Africa Plc has approved the payment of N16.11 billion to the shareholders of the company who currently hold the 16,107,795,496 fully paid ordinary shares of the company.

This disclosure is part of the resolutions passed at the 62nd Annual General Meeting of the company, held on the 25th of May, 2021.

According to the notice: ‘’ A dividend of One Naira (N1.00) per ordinary share amounting to N16, 107,795,721.00 only was declared payable from the pioneer reserve and not subject to deduction of withholding tax in respect of the year ended 31st December, 2020; on Tuesday, 25th May 2021, to all shareholders registered in the books of the Company at the close of business on Friday, 30th April, 2021.’’

Other resolutions reached at the Annual General Meeting include;

  • The appointment of Mrs Oyinkan Adewale and Mrs Virginie Darbo into the company’s Board were reviewed and approved.
  • Three Directors retiring by rotation were re-elected. The Directors are; Adebode Adefioye, Mrs. Elenda Giwa-Amu, Mrs. Adenike Ogunlesi.
  • The remuneration of the Non-Executive Directors for the year ending 31st Decemeber 2021, was fixed at N112,626,792.87

What you should know:

  • Lafarge Africa Plc had earlier reported a profit after tax of N30.8 billion in FY 2020.
  • The dividend will be disbursed to qualified shareholders’, whose names appear in the Register of Members as at close of business on 30th of April, 2021.

For more information about the disclosure, click HERE.

Lafarge Africa Plc notifies stakeholders of 62nd Annual General Meeting.

The Board of Lafarge Africa Plc has notified the investing public and other relevant stakeholders of its imminent 62nd Annual General Meeting (AGM) scheduled to hold on 25th of May, 2021 at Civic Centre, Mbadiwe Road, Victoria Island, Lagos by 10:00am.

According to a disclosure signed by the company’s secretary, Adewunmi Alode and seen by Nairametrics, the Register of members and Transfer Books of the company will be closed from 4th to 7th of May, 2021 (both dates inclusive) to enable the Registrar update its records. Sequel to this, the following issues will be discussed at the AGM;

  • The audited financial statements of the company for the period ended 31st December 2020.
  • The dividend of N1 per share recommended by the Board will also be deliberated upon and if approved, will be paid to qualified shareholders on the 25th of May, 2021 (Ceteris Paribus)
  • Auditors and Directors remuneration for the year 2021 will be discussed and fixed.
  • To approve a general mandate authorizing the company to procure goods and services for its operational activities during the year, from related parties or interested persons on normal commercial terms.
  • To elect members of the audit committee.
  • To consider and ratify board appointments.

What you should know:

  • In line with CAC guidelines, the AGM will be conducted through the use of proxies.
  • Recall that Lafarge Plc had earlier declared a profit after tax of N30.8 billion in FY 2020.
  • To stream the AGM live, visit: https://youtu.be/nuGqMjIn2Y0

For more information about the AGM, click HERE.