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Lafarge Africa Postpones AGM Date

Management of leading cement maker, Lafarge Africa, has informed the management of The Nigerian Stock Exchange (NSE) that its 57th annual general meeting of the company, which was billed to hold on Thursday, 12th of May 2016 at Zinna-Jasmine Hall, Eko Hotels & Suites, Victoria Island, Lagos at 11 am, has been postponed.

The company disclosed this in a filling on Thursday signed by its company secrerary, Ms. Uzoma Uja.

“Our board of directors is in the process of reviewing a corporate action which has meant that we have to shift our earlier notified date for the AGM. Kindly be informed that the AGM will now hold on Monday, 27th June 2016 at Zinna-Jasmine Hall, Eko Hotels & Suites, Victoria Island, Lagos (same venue).

Register of shareholders and transfer books will be closed from Thursday, 16th June 2016 to Wednesday 22nd June, 2016 both dates inclusive to allow for the payment of dividend and issuance of bonus shares on Monday, 27th June, 2016.

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The statement said that the revised notice of the AGM containing details on the dividend payment and bonus issuance will be forwarded in due course for approval of the management of the Exchange before it is published.

“Please note that the revised notice of the AGM will contain same information on dividend payment and bonus share issue as earlier notified to the NSE i.e dividend payment of N3.00 per share net of any applicable tax and a bonus share of 1 for every 10 shares held by shareholders whose names appear on the Register of members as on the date the register is closed.

In its full year 2015 financial result, the company reported a 43 per cent drop in profit in the 2014 financial year, has suffered another drop of 20 per cent in the 2015 financial year under review.

It also reported huge drop in its key performances in the group consolidated and separate financial statements for the year ended 31 December 2015 released to the Nigerian Stock Exchange.

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The group’s profit after tax went down by N6.547 billion or 19.52 per cent, from N33.545 billion it recorded in the corresponding period of 2014 financial year to end the current year at N26.998 billion.

Profit before tax stood at N29.275 billion from N40.358 billion in 2014. This is N11.083 billion or 27.46 per cent decline.

The cement producing company’s spent 69.12 per cent of its revenue on cost as cost of sales rose to N184.703 billion against N177.783 billion which is 68.17 per cent of revenue spent on the same purpose during the 2014 financial year.

Lafarge Africa revenue slightly increases by N6.424 billion translating to 2.46 per cent at the end of 2015-year end.

It earnings per share slumped by 138 kobo or 17.99 per cent from 767 kobo in 2014 to 629 kobo in 2015.