L-R: Independent Non-Executive Director, Mrs. Oyinkan Adewale, FCA; Non-Executive Director, Mr. Grant Earnshaw; Independent Non-Executive Director, Mrs. Adenike Ogunlesi; Group Managing Director/Chief Executive Officer, Mr. Lolu Alade-Akinyemi; Chairman, Mr. Gbenga Oyebode; Legal Director/Company Secretary, Mrs. Adewunmi Alode; Non-Executive Director, Mr. Kaspar Theiler; Independent Non-Executive Director, Mrs. Olusola Oworu; Non-Executive Director, Mrs. Elenda Osima-Dokubo and Non-Executive Director, Mr. Taner Demir, all of Lafarge Africa Plc during the 66th Annual General Meeting of the company held at Civic Centre, Lagos on Friday.
Lafarge Africa Plc, a leading name in Nigeria’s building materials industry, has posted its strongest financial performance yet, celebrating a year of record-breaking growth at its 66th Annual General Meeting (AGM) held in Lagos.
The company reported a revenue surge of 72% to N696.76 billion in 2024, up from N405.50 billion in the previous year. Operating profit climbed to N193 billion, representing an 89% increase from N102 billion in 2023. Profit after tax nearly doubled to N100 billion, marking a 96% growth over the N51 billion recorded last year.
Shareholders Approve N1.20 Dividend
At the AGM, shareholders endorsed a final dividend payout of N1.20 per share, underscoring Lafarge Africa’s focus on creating consistent value. The event also acknowledged Holcim Group’s agreement to divest its 83.81% stake in Lafarge Africa to Huaxin Cement Ltd.—a development expected to shape the company’s next phase of expansion and innovation.
Leadership Reaffirms Commitment to Sustainability
In his address, Chairman Gbenga Oyebode, MFR, hailed the company’s resilient performance:
“Today’s AGM reflects the strength of our shared vision and the trust of our shareholders. Despite economic headwinds, we delivered exceptional results. We are positioned to drive sustainable growth and empower communities while building Nigeria’s infrastructure for future generations.”
Group Managing Director/CEO, Lolu Alade-Akinyemi, also expressed optimism:
“Our 66th AGM celebrates a year of achievement driven by innovation and sustainability. Posting a 76% revenue growth amid economic challenges highlights our strategic clarity and operational discipline. We remain focused on delivering superior value to stakeholders.”
Shareholders Applaud Performance
Shareholder confidence was evident at the AGM. Mr. Eric Akinduro, Chairman of the Ibadan Zone Shareholders’ Association, remarked:
“This is a remarkable achievement by Lafarge Africa. The leadership’s discipline and professionalism reflect what is possible in Nigeria with the right environment. The future looks bright.”
Green Growth at the Core
Lafarge Africa reiterated its long-term commitment to sustainability. The company continues to invest in carbon-reduction technologies, including the use of calcined clay in cement production, expansion of green logistics systems, and the rollout of eco-friendly products.
These initiatives support its mission to lead the transition to a low-carbon economy while meeting the evolving demands of Nigeria’s construction sector.
About Lafarge Africa Plc
Lafarge Africa Plc, a member of Holcim Limited, is one of Nigeria’s top building materials companies with operations spanning Ogun, Gombe, and Cross River States, and ready-mix facilities in Lagos, Abuja, and Port Harcourt. With a cement production capacity of 10.5Mtpa, the company plays a vital role in urban development and infrastructure delivery across Nigeria.
For more information, visit www.lafarge.com.ng
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