Europe / Middle East / Africa
Lafarge WAPCO to increase local input
May, 24 2012
(Nigeria) -- Lafarge Wapco Nigeria Plc has agreed to consider the increment in its local materials in the production of cement in the country.
This confirmation came at the company’s Annual General Meeting held yesterday in Lagos.
According to its Chairman, Chief Olusegun Osunkeye, the company will look out for the getting more local input. “We will look out for where we can get materials locally to further reduce cost of production,” he said.
This response came on the heels of having the company spending more in importing production materials of cement, which at the end translates into higher cost of production.
However,shareholders commended the 200 per cent increase in dividend payout of 75 kobo per share from the 25 kobo the company gave in the 2010 financial yearend.
Also, shareholders urge the board to consider a higher dividend for them in the next financial year at the same time request for the government to ensure the refineries work which at the end of the day will translate into reduction of cement price.
Still on the workability of having a more reduced cement price, the chairman said the company is doing its best to contain the cost of cement but that the external challenges such as infrastructure is what they are contending with.
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