Nigeria: Lafarge Board to pay N1.8bn dividend

Nigeria: Lafarge Board to pay N1.8bn dividend
23 March 2009

The Board of Directors of Lafarge Cement WAPCO Nigeria has proposed a gross dividend of N1.8bn to shareholders for 2008.

Managing director/chief executive officer, George Lourandos, attributed the payment of enhanced package to the positive operations turnaround, enhanced performance indicators, robust production capacity, increased operating profit of 15 per cent over 2007 and cost mitigation ability of the management.

Lourandos made this declaration Thursday at the company corporate headquarters in Lagos while briefing reporters on the challenges facing the company as a result of the impact if global financial meltdown.

He said "The Board of Directors have proposed a gross dividend of 60 kobo on every ordinary share in issue which amounts to N1.8bn despite our share of some of the economic challenges that impacted on our 2008 performance.

"Notably among these are gas supply failures that resulted in a total loss of production for 48 and 51 days in our Ewekoro and Sagamu works respectively and also power disruptions", he added.

"For these periods, we had to bring in expensive imported clinker to keep us in business and this increased our production cost and consequently reduced our bottom line," he added.

Published under Cement News