Lafarge Eyes N32.21bn Dividend Payout, Unclaimed Hit N1.63bn

Lafarge Africa has proposed paying shareholders N32.21 billion as dividends for 2022, the same amount shareholders were paid in 2021.

The company broke the dividend down to N2 per share according to a statement contained in its Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2022.

Prime Business Africa learnt the dividend will be tendered to the shareholders during its next annual general meeting for approval.

It was gathered that the N32.21 billion dividends will not be subject to deduction of withholding tax if approved by shareholders during the AGM expected to hold in the first half of this year.

“The Board of Directors is proposing gross dividend of 200k (2021: 200K) on every ordinary share in issue amounting to ₦32,215,591,442.00 (2021: ₦32,215,591,442.00). 

“The proposed dividend, if approved by shareholders, is payable from the pioneer profits and is not subject to deduction of withholding tax. 

The proposed dividend is subject to approval by the shareholders at the Annual General meeting,” Lafarge Africa wrote in the statement. 

Also, the company revealed that some shareholders have not received their dividends for previous years, as it has unclaimed dividends of N1.63 billion. 

“The Company’s Registrars have advised that the total amount outstanding as at 31 December 2022 is the sum of ₦1,636,941,990,” the statement reads in part. 

Lafarge also urged the shareholders to come forward for the unclaimed dividend: “The Company has posted to shareholders a list of unclaimed dividend and share certificates. 

“Shareholders are enjoined to review the list to claim their dividend(s) or share certificate(s). For further assistance in this regard, Shareholders should contact the Company Secretary or the Registrars, Cardinal Stone Registrars Limited.” 

Meanwhile, Lafarge disclosed that its revenue for 2022 was N373.24 billion, above the N293.08 billion generated in 2021 – indicating 27.3 per cent growth. 

Similarly, its profit after tax grew by 5.18 per cent as Lafarge reported N53.64 billion net profit, in contrast to the N51 billion bottom line in 2021. 

During the same period last year, cost of production gulped N177.02 billion, which is 17.6 per cent above the N150.50 billion spent on producing its products in 2021.