The Chairman of Lafarge Cement WAPCO Nigeria Plc, Chief Olusegun Osunkeye, Tuesday urged the shareholders to embrace electronic dividend just as the shareholders approved the N3.6 billion recommended for the 2012 financial year.
Speaking at the Annual General Meeting (AGM) of the company in Lagos, Osunkeye said: “I will like to encourage shareholders who have not taken the e-dividend option to do so in order to eliminate unclaimed dividends.”
He told them that directors recommended a dividend of N3.6 billion, which is 60 per cent higher than what was paid in 2011, explaining that the dividend payment was based on the need to ensure that repayment of bank loans and bond could be achieved with no risk of default and impairment of the company. The dividend translated to N1.20 per share.
Speaking on the performance of the company, the chairman said Lafarge WAPCO posted a turnover of N88 billion in 2012, compared with N63 billion posted in 2011,while profit after tax rose by 70 per cent from N8.6 billion to N14.7 billion.
He attributed the company’s steady growth to the various initiatives deployed by the management, assuring shareholders that the company would continue to introduce innovative building material products based on opportunities offered by the market.
The Chief Executive Officer of the company, Joseph Houdson, who also spoke at the AGM, noted: “The business would grow tremendously in future and we would ensure that we grow its capacity and enhance its volume, quality, fundamentals and services to ensure that we grow for the future.”
The shareholders commended the board and management for enhancing returns on their investments through dividend payment.
Meanwhile, trading at the stock market closed on a negative note as the Nigerian Stock Exchange (NSE) All-Share Index declined marginally by 0.07 per cent to close at 37,358.74 while market capitalisation shed N9 billion to close at N11.942 trillion. Total Nigeria Plc led the price losers with N8.50, trailed by Cadbury Nigeria Plc with N5.80.