Lafarge Africa optimistic of robust returns amid forex volatility

By Chioma Obinagwam

Leading innovative and sustainable building solutions company, Lafarge Africa Plc., is positive about delivering a resilient business despite being faced with foreign exchange volatility.

Confiance News gathered from a recent statement on the company’s official website.

Reacting to the company’s 2023 financials at its 65th Annual General Meeting (AGM), the Group Managing Director/CEO, Lafarge Africa Plc., Mr. Lolu Alade-Akinyemi said: “Our company’s performance has been remarkable, especially considering the macroeconomic challenges we’ve faced. We achieved a 9% increase in net sales. Despite issues like foreign exchange volatility and inflation, I am optimistic about our medium to long-term outlook. This optimism is grounded in our commitment to delivering value to our customers and maintaining a resilient business.”

Confiance News recalls that since the inception of the current administration in the country, Naira (Nigeria’s currency) has shed 134 percent from its value at N633.83 to $1 in May, 2023 closing at ₦1480 to $1 as at June 10, 2024.

A situation which has had adverse effects on businesses in Nigeria.

Despite Naira devaluation, the company announced a dividend of 190k per share, reaffirming its commitment to rewarding shareholders for their continued support and confidence in the company’s growth trajectory.

Corroborating, Prince Adebode Adefioye, the Chairman, Lafarge Africa Plc said: “The year 2023 posed unparalleled challenges for Lafarge Africa, with soaring inflation rates and a volatile currency landscape further compounded by the aftermath of election activities and a currency reform attempt. Despite these formidable headwinds, I am pleased to highlight the resilience demonstrated by our operations throughout the year.”

Moreover, the Chairman, Audit Committee, and loyal shareholder, Mr. Adebayo Adeleke, expressed satisfaction, stating, “I’m pleased and genuinely excited about the 190k dividend and I know the shareholders are happy with the dividend payout at this time.”