Lafarge Africa Plc, a major player in Nigeria’s cement market and construction industry, held its 61st Annual General Meeting, which was coordinated by the Chairman of the Board Mr. Mobolaji Balogun.
The AGM afforded the management the opportunity to discuss Lafarge Africas 2019 financial performance and outline strategies of the company beyond the year 2020.
In his statement, Mr. Balogun described the performance of Lafarge Africa Plc as remarkable amid the various macro-economic challenges of the year.
According to Balogun, the company recorded a 92% growth in Profit After Tax (PAT) as after-tax profit rose to N15.5bn in 2019 from N8.1bn in 2018.
He also noted that the debt financing cost of the company fell substantially to N20.2bn from N41.6bn in 2018.
The external auditors KPMG represented by Oluwatoyin Gbagi and the Audit Committee Chaired by Mr. Adebayo Adeleke in their separate statements, said the book of accounts was a fair reflection of the financial position of the company and its subsidiaries.
Sir Sunny Nwosu and Mrs. Bisi Bakare, shareholders of the company, commended it for the 2019 FY performance while they called for a more strategic approach to the management of its resources.
Highlights of the event were the announcement by the Chairman that he would be stepping down as Chairman after serving on the board for 15 years.
Speaking further he said, “Having overseen the progress in our transformation plan, the clean up of our balance sheet and deleveraging of the company, its return to robust profitability, streamlining of our operations, the renewal of our Board and the smooth CEO and CFO succession plan, it is with a deep sense of gratitude to God, that I feel fulfilled, in retiring as Chairman, knowing that the board and the company is in very good shape”.