May 11, (THEWILL) – Lafarge Africa Plc successfully held its 66th Annual General Meeting (AGM) in Lagos recently during which its members applauded the company’s impressive performance in the FY 2024.
The AGM, attended by shareholders, board members, and stakeholders, reviewed the company’s exceptional 2024 financial results which set the stage for accelerated growth in the forthcoming years.
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 percent from N405.50 billion recorded in 2023.
Operating profit grew by 89 per cent from N102 billion in 2023 to N193 billion in 2024 while Profit after tax surged to N100 billion from N51 billion, representing an increase of 96 percent over 2023.
During the AGM, shareholders approved a final dividend of N1.20 kobo per share, reinforcing the company’s commitment to delivering value.
The recent agreement by Holcim Group to sell its 83.81 percent 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 event, 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 percent 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.”
The company is reputed as a leading innovative and sustainable building solutions company and manufacturer of a range of cement brands.
THEWILL recalls that Holcim Group in December 2024 announced that it had signed an agreement with Huaxin Cement, Hong Kong, to sell its shareholding in Lafarge Africa Plc, listed on the Nigeria Exchange Limited (NGX).
In a letter notifying the exchange and investing public of the transaction, Mr. Adewunmi Alode, Company Secretary of Lafarge Africa, stated that Caricement and Associated International Cement Limited, the largest shareholders in Lafarge Africa, had reached an agreement with Hainan Huaxin Pan-Africa Investment Co. Limited and Huaxin (Hong Kong) International Holdings Limited — part of Huaxin Cement.
Through this transaction, Huaxin Cement will acquire full ownership of Caricement and a second entity, Davis Peak Holdings Limited, which will hold the shares currently held by Associated International Cement Limited (AICL)).
According to the statement, upon completion, the Huaxin Cement entities will hold a combined 83.81 percent shareholding in Lafarge Africa Plc.
Following completion, Lafarge Africa Plc will remain listed on NGX, and, subject to regulatory approvals, Huaxin Cement intends to launch a mandatory takeover offer in compliance with applicable laws and regulations.
The company disclosed that the development was part of the key issues discussed and concluded at the emergency meeting of the board of Lafarge Africa Plc, held on Saturday, November 30th, 2024.
Lafarge Africa Plc is one of Nigeria’s major cement manufacturing companies, with significant plants in Ogun and Cross River states. It has advocated for sustainability in its operations, emphasising clean energy for production.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
