Lafarge Africa Plc said it has grown its cement production capacity from 4.5 million tons to 12 million tons, just as shareholders commend its performance for the financial year ended December 31, 2014. The shareholders also at the 56th Annual General Meeting (AGM) of the company in Lagos approved the N15.9 billion proposed by its Board of Directors for the year under review.

Some of the shareholders’ group leaders who spoke at the AGM such as Sir Sunny Nwosu and Bishop Goodluck Akpore said “We commend the board and management for the financial performance and payment of the dividend despite the challenging operating environment.

We also commend the Board for the consolidation done during the period under review. We have started reaping the fruits and hope it would be sustained.”

The N15.855 billion dividend translates into 360 kobo per ordinary share and it is nine per cent higher than the 330 kobo per share paid in 2013. In his address to the shareholders, Chairman of Lafarge Africa, Chief Olusegun Osunkeye, CON, OFR, said earnings before interest, taxes, depreciation and amortization(EBITDA) grew by 16 per cent in Nigeria when compared to 2013 of similar scope.

“All Nigerian entities showed strong growth with Ashaka Cement doubling its EBITDA following coal substitution increasing from 35 per cent to 70 per cent and overall increase in operational efficiency by 91 per cent and WAPCO by a solid eight per cent,” he said.

Osunkeye noted that the medium to long term outlook remains positive for Lafarge South Africa Holding(LSAH). “The recent strengthening of the Rand versus the Naira will increase the value of the South African profits to the Group, and is a testament to the advantages of having added Lafarge South Africa to the Group,” he said.

According to him, the creation of Lafarge Africa has transformed the company into a group which is well equipped to continue the acceleration of a group to withstand challenges in the market place. “Our cement production capacity has grown from 4.5 million tons to about 12 million tons. In addition, 3.5 million cubic meters of ReadyMix concretes and over 5.0 million tons of Aggregates have been added to the portfolio.

The turnover has doubled from N100 billion to N200 billion and the EBITDA has grown from N36 billion to N55 billion. N99 billion of cash was generated from operations in 2014. All of this is building the foundation which was laid over the last few years, and the transformation into Lafarge Africa Plc is a natural progression to take our company to the next level,” he said.

Also speaking, the Group MD/CEO, Lafarge Africa Plc, Mr. Guillaume Roux said the good performance of the company was due to management’s commitment to corporate governance, innovation, customer service and cost efficiency. He assured the shareholders of continued efforts to delight them more in the current year.

Meanwhile, Osunkeye, who has retired from the company at the end of the AGM, noted that it was a privilege and honour to have served on the Board of the company for 14 years and as chairman for five years from October 2009.