The Nation Newspaper

Category: Equities

  • Interior solution firm eyes listing on Exchange

    Interior solution firm eyes listing on Exchange

    DO.II Designs Limited, a leading Nigerian interior solutions company, plans to grow its business and subsequently list its shares on the Nigerian Stock Exchange (NSE) as it strives to maintain its pace as a Nigerian company of global standards.

    Speaking on the activities of the company in Lagos, founder and chief executive officer, DO.II Designs Limited, Mrs Ifeyinwa Ighodalo, said listing on the Stock Exchange has been one of the discussion points of the strategic future plan of the company, although no timeline has been decided for that.

    She said the company was also considering raising new capital to support its expansion.

    “In order to be able to develop and expand as much as we want, we will definitely need inflow of funds, but the options are still under consideration,” Ighodalo said.

    She reaffirmed the commitment of the company to offering corporate and private clients unique and innovative furniture solutions as well as an exciting selection of services and product offerings.

    According to her, with over 25 years of experience in the furniture manufacturing and interior design industry, DO.II is a specialist in furniture design services for residential and corporate properties and it is well-known for providing superb turnkey remodelling and highly acclaimed for space transformations, with bespoke project management services available to clients from conceptualisation to finish.

    She pointed out that the firm has its own Standards Organisation of Nigeria (SON)-certified factory with high performing machinery producing furniture at international standards.

    “Our desire is to continually evolve as Nigeria’s leading furniture and design company totally aligned with global best practice, while ensuring that we offer our clients not only the finest in superior craftsmanship, but also an increasingly rich bouquet of service and product offerings. We are proud of the fact that we are a wholly indigenous company, not just by birth, but by design,” Ighodalo said.

    She noted that the company boasts of clients in the hospitality, fast moving consumer goods, telecoms, oil and gas, government, aviation and banking industries among others.

    She said DO.II offers a rich repertoire of furniture and design solutions that fully represents the keen influences of Nigerian art and style with excellent craftsmanship.

  • Transcorp scales up as expansion gathers momentum

    Transcorp scales up as expansion gathers momentum

    •Targets 25% of Nigeria’s power generation

    Transnational Corporation of Nigeria (Transcorp) Plc has stepped up implementation of key strategic initiatives aimed at enhancing the productivity, efficiency and scope of its businesses while exploring opportunities for new ones that could impact on future returns.

    With major acquisitions in power and agribusiness, new initiatives in its hotel and tourism business and the ongoing exploratory activities from its existing oil block, the management of Transcorp at the weekend provided updates on the various initiatives across the group’s four business lines. They includ hotels, agriculture, power generation and oil exploration.

    President, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Emmanuel Nnorom, said with the group strengthening its various business lines, Transcorp is rapidly transforming into a well-diversified conglomerate that provides ordinary shareholders a unique opportunity to share in Nigeria’s economic fortunes.

    He said the group has continued to improve operational and cost effectiveness as well as explore opportunities to expand product offering as part of its strategic thrust for brand building and extension. He added that with the sustained profitability and dividend payment over the years shareholders have already started to reap the rewards of the group’s turnaround.

    Nnorom, who took select senior journalists on a brief visit to the site of the group’s new Transcorp Hilton Hotel construction in Ikoyi, Lagos, noted that the group has already made significant progress in key sectors of its business; in the hotel and power sectors, a development that is already impacting positively on the group’s performance.

    It should be recalled that Transcorp Hotels, where Transcorp holds 83 per cent equity stake, raised N20 billion in bond issues in 2015, to finance the enhancement of its flagship Abuja-based Transcorp Hilton Hotel, including a multipurpose banquet centre and construction of Transcorp Hilton Hotel, Lagos, among others.

    The Transcorp Hilton Lagos, a full service, 350-room hotel on Glover Road, Ikoyi, will be the Hilton Group’s second hotel in Nigeria by Transcorp, following the award-winning Transcorp Hilton Hotel Abuja, which is one of the leaders in Hilton’s global network.

    Nnorom said the completion of the ongoing projects by Transcorp Hotels would further position the group as the leader in Nigeria’s hospitality industry, pointing out that Transcorp Hilton Port Harcourt has gotten the necessary planning approvals from the Rivers State Government and it is currently revising its design to optimise the use of its expanded site.

    According to him, Transcorp Hilton, Abuja will be upgrading 670 rooms in the next 18 months with works already ongoing on the installation of new elevators and procurement of fittings for guest and meeting rooms as well as external works on construction of a new access way, warehouse and car park.

    In the power business, Nnorom said Transcorp has made several important business decisions, which will have significant impact on its fortunes going forward. The power business already contributes nearly two-thirds of the group’s revenue.

    According to him, ongoing initiatives should lead to significant increase in capacity and efficiency in the power business with the overall target of achieving about a quarter of Nigeria’s total power generation.

    He outlined that the acquisition of additional turbines for power generation, increase in the output of the plant from 160 megawatts to 650 megawatts in 2015 and being on track to deliver 850 megawatts of available capacity in 2016 have positioned the power business for continuous growth.

    “Our target is to be responsible for at least 25 per cent of the total power generated in Nigeria. Currently, challenges to the actualisation of this goal include, but not limited to supply of good quality gas, transmission losses and  inadequate evacuation infrastructure and payment of owed debts to Transcorp Power limited by MBET. Despite these challenges, Transcorp Power Limited is determined to forge ahead in the discharge of her primary objectives and in the creation of lasting value for Nigerians at large,” Nnorom said.

    He said Transcorp will soon join the elite group of oil-producing companies as it has already advanced in the exploration of its oil block-OPL 281 and signed of production sharing contract with the Nigerian National Petroleum Corporation (NNPC) while continuing to prepare for drilling and seamless production.

    He said the group expects the OPL 281 to begin commercial production by 2018.

    “We have put in place a world class management team and are committed to developing the synergies between our natural resources portfolio and our power interests, creating an integrated energy approach that directly links Nigeria’s natural resource wealth to the daily needs of our people,” Nnorom said.

    He commended Transcorp’s shareholders for their support and assured them that the board and management will not relent in positioning Transcorp as a true vehicle for popular participation in Nigeria’s bright future and prosperity.

    In his remarks, managing director, Transcorp Power Limited, Mr Adeoye Fadeyibi commended the Federal Government for the innovations introduced in repositioning the power sector such as increase in tariff to strengthen the energy sector, ongoing metering processes resolving issues of stranded power.

    “We have repositioned the Ughelli Power Plant towards contributing significantly to the government’s plan to generate 10,000 megawatts before the end of next year. It is our plan that we will contribute significantly to the energy pool,” Fadeyibi said.

    He reiterated the commitment of the Transcorp Power Limited to increasing the capacity of its power plant in the short term while urging Nigerians to support ongoing reforms in the power sector to ensure stable and efficient power supply.

  • Fidelity Bank sets priorities as shareholders get N4.6b dividends

    Fidelity Bank sets priorities as shareholders get N4.6b dividends

    Fidelity Bank Plc plans to focus on redesigning its systems and processes to enhance service delivery and deepen cost optimisation to ensure competitive returns to shareholders.

    Acting Managing Director, Fidelity Bank Plc, Mr. Mohammed Balarabe, outlined the bank strategic focus in the 2016 business year at the annual general meeting in Lagos as shareholders approved distribution of N4.6 billion as cash dividends for the 2015 business year. Shareholders will receive a dividend per share of 16 kobo.

    He outlined that the bank would pursue initiatives aimed at reducing operating expenses and cost-to-serve while enhancing it over all risk monitoring capacities to ensure both internal and external risks are identified and mitigated before they crystalise.

    “On the back of the evolving dynamics in the industry, we will continue to increase the adoption and migration of customers to our digital platforms and increase our retail banking market share through innovative products and services,” Balarabe said.

    He said the bank’s 2015 performance reflected the disciplined execution of the management’s medium term strategy and the resilience of evolving business models despite the extremely challenging business environment in 2015.

    Key extracts of the audited report and accounts for the year ended December 31, 2015, showed that gross earnings grew to N146.9 billion in 2015 from N136.1 billion recorded in 2014. Profit after tax rose marginally to N13.9 billion in 2015 as against N13.8 billion in 2014.

    He pointed out that the 2015 financial year was challenging due to the difficult operating environment, the tight monetary stance of the Central Bank of Nigeria (CBN), implementation of the Treasury Single Account (TSA) and currency devaluation concerns, which culminated in negative earnings headwinds in the banking industry.

    According to him, even with the prevalent economic conditions, the performance of the bank showed resilience as it was able to achieve sustained growth through income stream built on qualitative services, innovative products and clear understanding of the varying needs of customers.

    He said the bank would continue to focus on balance sheet optimisation, rebalancing of its loan portfolio in consonance with its medium term strategy and increased growth in retail deposit base.

    In his address, chairman, Fidelity Bank Plc, Chief Christopher Ezeh explained that the tough business environment reflected more on the fees and commission income of the bank which dropped by 20.8 per cent to N23.3 billion from N29.4 billion due to regulatory restrictions on foreign exchange transactions.

    “Despite the drop in fees and commission income, profit after tax grew by 0.8 per cent, which shows the resilience of the earnings base of the bank. Net interest income increased by 24.7 per cent to N60.9 billion on account of loan re-pricing and balance sheet optimisation towards higher yield sectors of the economy,” Ezeh said.

    He pointed out that the bank improved the earnings capacity of its balance sheet even in the face of decline in fee income precipitated by a N10 billion reduction in its foreign exchange income.

    “We continued to increase yields on earning assets faster than the growth in funding costs, which improved our net interest margin to 6.9 per cent in 2015,” Ezeh said.

  • Wema Bank optimistic on future performance

    Wema Bank optimistic on future performance

    Wema Bank has assured shareholders and other stakeholders that ongoing strategic initiatives would strengthen the resilience of the bank against the macroeconomic and industry headwinds and lead to improved performance in the years ahead.

    At the annual general meeting yesterday in Lagos, managing director, Wema Bank Plc, Mr. Segun Oloketuyi, said the board and management of the bank remain committed to positioning the bank for sustained growth.

    He noted that in spite of the challenging outlook for 2016, the bank has started the year with a renewed focus on its strategic aspiration of becoming a leading retail bank in Nigeria.

    He pointed out that the performance of the bank during the 2015 business year has demonstrated its resilience and commitment to continuously deliver value to the stakeholders even in the face of obvious challenges.

    “The continued implementation of Project LEAP, the bank’s growth strategy, narrowed our focus and channeled our efforts towards specific opportunities with great potential and symbiotic relationships. This strategy, in its final phase, will continue to guide the bank’s allocation of resources in 2016,” Oloketuyi said.

    He commended the shareholders for their supports, which have continued to encourage the management noting that the bank attained many feats in 2015 including the granting of a national banking license to the bank by the Central Bank of Nigeria (CBN).

    According to him, the 2015 financial year was a particularly challenging one for the banking sector and economy as a whole due to the impact of reduced government spending, policy changes in foreign exchange administration, a depressed energy sector, declining manufacturing outputs and elements of insecurity, which have continued to take a toll on consumer spending and economic activities.

    He noted that despite these challenges the bank was able to sustain its transformation drive with total deposits for the period growing about 10 per cent over the prior year to N284.9 billion, gross earnings improving to N46.0 billion from N42.19 billion recorded in 2014, and profit before tax remaining stable at N3.05 billion compared to N3.09bn in 2014.

    Wema Bank grew its top-line by a modest 6.1 per cent to N11.3 billion in the first quarter as the commercial bank continued to grow its retail business in spite of the tough operating environment.

    Interim report and accounts of Wema Bank Plc for the three-month period ended March 31, 2016 indicated that gross earnings improved to N11.3 billion in first quarter 2016 as against N10.6 billion recorded in comparable period of 2015. Profit before tax stood at N505.33 million in 2016 as against N615.29 million in 2015. After taxes, net profit stood at N429.53 million as against N522.99 million. Earnings per share closed first quarter 2016 at 4.0 kobo compared with 5.0 kobo in first quarter 2015.

  • Profit-taking pushes equities to N51b loss

    After three consecutive positive trading sessions, Nigerian equities suffered a relapse yesterday as investors sought to take profit on many highly capitalised stocks that had driven the recent rallies.

    While the underlying sentiments remained positive with more gainers than losers, losses suffered by the highly capitalised stocks coloured the overall market position. The two main common indices at the Nigerian Stock Exchange (NSE) indicated average decline of 0.58 per cent, equivalent to a loss of N51 billion after the close of trading.

    The All Share Index (ASI)-the common index that tracks prices of all quoted equities, declined from its opening index of 25,865.50 points to close at 25,715.42 points, representing a day-on-day decline of 0.58 per cent.

    Aggregate market capitalization of all quoted equities dropped from N8.897 trillion to close at N8.846 trillion, indicating a loss of N51 billion. Expectedly, the losses by the highly capitalised stocks also weighed on the sectoral indices. The NSE Banking Index dropped by 1.0 per cent. The NSE Oil & Gas Index also declined by 0.6 per cent while the NSE Industrial Goods Index and NSE Insurance Index slipped by 0.1 per cent each. However, the NSE Consumer Goods Index rose by 0.2 per cent.

    There were 26 gainers to 19 losers. Analysts at FSDH Securities, Cowry Asset Management and Afrinvest Securities agreed that the negative overall market position was due to profit-taking on the leading stocks. The major losers included Ecobank Transnational Incorporated, which dropped by 5.2 per cent; Forte Oil, which dropped by 1.8 per cent; Dangote Cement, which lost 1.5 per cent; PZ Cussons Nigeria, which declined by 5.0 per cent and Fidson Healthcare, which lost 4.9 per cent..

    Total turnover was above recent average with the exchange of 330.56 million shares valued at N2.26 billion in 4,053 deals. Banking stocks continued to dominate activities chart. The three most active stocks were FBN Holdings, with 117 million shares; United Bank for Africa, 33.19 million shares and Fidelity Bank, with 32.83 billion shares.

    “Today’s performance was broadly driven by profit taking which may be sustained tomorrow in the absence of any market moving news flow, however we expect a positive close for the week,” Afrinvest Securities stated.

     

  • Shareholders approve Transcorp’s 1.94b bonus shares

    Shareholders approve Transcorp’s 1.94b bonus shares

    Shareholders of Transnational Corporation of Nigeria (Transcorp) Plc at approved the distribution of a total of 1.936 billion ordinary shares as bonus shares for the 2015 business years.

    At the annual general meeting in Calabar, Cross River State, they commended the conglomerate for what they described as resilient performance in 2015 in spite of the difficult operating environment. The bonus shares were distributed on the basis of one bonus share for every 20 ordinary shares of 50 kobo each held by each shareholder.

    Key extracts of the audited report and accounts showed that turnover stood at N40.75 billion in 2015 as against N41.34 billion in 2014. Gross profit dropped from N27.63 billion to N24.33 billion. Profit before tax declined from N7.73 billion to N3.32 billion while profit after tax slumped to N1.44 billion in 2015 as against N3.30 billion in 2014.

    Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, said the company remained steadfast in her efforts to consolidate on the significant achievements recorded to date and will continue to explore opportunities that will lead to the creation of significant value for all stakeholders in the coming years.

    In his remarks, president, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Emmanuel Nnorom, said the company made good progress on delivering on its strategy in 2015 as the group continued to improve operational and cost effectiveness as well as explore opportunities to expand its product offering.

    “The group continues to benefit from our ongoing investment in all our subsidiaries and new business lines, which enhance Transcorp Plc’s offering and position us for further growth. Our long-term value creation for our shareholders is our target which will come from the diversification plans, which includes the construction of new hotels in Lagos and Port Harcourt, ongoing installation of new turbines at Transcorp Power Plant, all which will result to an increased capacity after completion. The future of our company is very bright, considering the strategic path being undertaken by the board,” Nnorom said.

     

  • Stanbic IBTC Stockbrokers launches online stock trading

    Stanbic IBTC Stockbrokers launches online stock trading

    Stanbic IBTC Stockbrokers Limited, a member of Stanbic IBTC Holdings Plc, has further widened the landscape of electronic stock trading with the launch of an online stockbroking platform that provides investors with real-time market information and gives them real-time mandates to buy or sell shares on the Nigerian Stock Exchange (NSE). Several other stockbroking firms had launched online trading platform.

    Chief Executive, Stanbic IBTC Holdings Plc, Sola David-Borha, said Stanbic IBTC E-Trade is expected to help the market regain the confidence of investors by availing them insight required to act prudently on new investment opportunities in the marketplace through a secure and robust technologically-driven platform.

    She said the Stanbic IBTC Group is committed to helping deepen the Nigerian capital market by making initiatives and strategies that could help the investing public have superior information about developments in both the local and global markets.

    “In introducing the new platform, the overarching goal is to identify both opportunities and threats in the global marketplace, which is made available to investors in real-time to enable them respond as quickly as possible. Our focus is on attracting investment to the Nigerian economy. The Stanbic IBTC E-Trade Platform is targeted at all retail investors,” David-Borha said.

    Outlining the benefits of the platform, Chief Executive Officer, Stanbic IBTC Stockbrokers Limited, Titi Ogungbesan noted that with reliable and timely data, decision making is faster and investors are better able to structure their activities for efficiency, while tapping into opportunities, all of which will positively impact both their portfolios and returns.

    According to her, other benefits of the Stanbic IBTC E-Trade include flexible online trading environment anywhere, 24-hour access to brokerage account, access to live market data from the NSE for instant investment decision, convenience, transparency and control over investment, instant email notification on transactions, automated contract note and trade notification delivery system amongst others.

    Ogungbesan urged investors to take advantage of the low and attractive prices at the Exchange.

     

  • Diamond Bank optimistic amidst declining performance

    Diamond Bank optimistic amidst declining performance

    Diamond Bank has assured shareholders and other stakeholders that ongoing initiatives and strategies would cushion the impact of macroeconomic and industry headwinds and sustain growth of the bank in the years ahead.

    Chief Executive Officer, Diamond Bank Plc, Mr. Uzoma Dozie, while reviewing the performance of the bank in 2015 and the first quarter of the year said there were reassuring signs that new strategy and initiatives to reduce costs are proving successful and are reflected in certain financial indicators.

    “Quarter on quarter, costs came in lower and as incremental measures are put in place, the benefits will be magnified. By taking the first steps to reconfigure the operating structure of the bank we have deployed more resources to provide improved services to customers and having done this, we are optimistic about performance in the quarters ahead,” Dozie said.

    Dozie outlined the outlook of the bank against the background of declines in performance in 2015 and first quarter 2016. Key extracts of the audited accounts and report of Diamond Bank for the year ended December 31, 2015 showed that gross earnings grew from N208.4 billion in 2014 to N217.09 billion in 2015. Profit before tax however slumped to N7.09 billion in 2015 as against N28.10 billion in 2014. After taxes, net profit declined from N25.49 billion to N5.66 billion. Earnings per share thus dropped from N1.43 to 23 kobo.

    In the first quarter ended March 31, 2016, Diamond Bank’s gross earnings dropped to N35.71 billion as against N40.49 billion recorded in comparable period of 2015. Profit after tax also declined from N7.17 billion in first quarter 2015 to N5.76 billion in first quarter 2016.

    Dozie said the bank will continue to implement strategies that promote sustainable growth and profitability in the long term.

    “Although the economic challenges witnessed in 2015 did not abate in the first quarter of 2016, our streams of income remained resilient and considerable growth was recorded in non-interest revenue, which provides comfort about the sustainability of planned growth from this stream,” Dozie said.

     

     

     

    He noted that the first quarter of 2016 was marked by persisting difficulties in the wider economy that continue to have an impact on the banking sector, adding that Diamond Bank has continued a diligent implementation of its focus on curtailing cost, resulting in a 2.8 per cent reduction of operating costs when compared to the same period last year.

    “Our projection of the macro conditions and other external factors for the rest of the year is that these will remain challenging, and it has led to higher impairment charges than for the same period in 2015. This very conservative approach to managing our loan book assures of its quality in the long run and in general should deliver the numbers that are consistent with our long term plans,” Dozie said.

    He outlined that as part of the strategic roadmap to a sustainable growth and profitability, the bank has continued to introduce aggressive innovations, enhanced customer friendly services, and retail banking strategy that will enable it focus on driving non-interest income and strengthen explored opportunities to grow its market share.

    He assured that the bank is better positioned for the future as management expects to see improved financial performance in the rest of the business year.

     

  • May & Baker to honour outstanding pharmacist

    President, Pharmaceutical Society of Nigeria (PSN), Ahmed Yakasai, has inaugurated the selection committee for the 12th edition of the May & Baker Professional Service Awards.

    The committee comprised five eminent pharmacists led by Maureen Ebigbeyi, a fellow of the Pharmaceutical Society of Nigeria and Director, Ports Inspection Directorate, National Agency for Foods, Drugs Administration and Control (NAFDAC). The winner of this year’s award is expected to be announced at the 89th Annual National Conference of the PSN, scheduled for Mina, Niger State, in November.

    The May& Baker Professional Service Award in Pharmacy was instituted in 2005 by May & Baker Nigeria Plc to recognise outstanding achievements and contributions in the practice of pharmacy in Nigeria.  It targets individual practitioners, public servants, academics and researchers, who have made outstanding and excellent contributions to the profession. The award carries N500, 000 prize and it is organised in collaboration with the PSN.

    Inaugurating the committee, Yakasai commended May & Baker Nigeria for instituting the award noting that the award in its 11 years history has helped the growth and development of pharmacy in Nigeria by encouraging pharmacists to work towards excellence.

    He added that the award has also encouraged pharmacists to track and document their contributions in the practice of the profession.

    He urged other pharmaceutical companies to emulate the example of May & Baker by instituting programmes that would promote pharmacy practice in Nigeria.

    Managing Director, May & Baker Nigeria Plc, Mr. Nanmdi Okafor commended the PSN for working with May & Baker over the years to ensure the success of the award.

     

     

    He said the caliber of people always chosen to manage the award every year proves that the PSN takes the award project seriously, assuring that May & Baker remains committed to the objectives of the award and will do what is necessary to improve on its offerings.

     

  • Lafarge Africa to raise N60b in new bond issue

    Lafarge Africa to raise N60b in new bond issue

    •New MD takes over amid declining sales 

    Lafarge Africa Plc plans to raise N60 billion through a

    short-to-medium term bonds as the cement company moves to refinance its debts and restructure its balance sheet.

    Lafarge Africa has submitted application for the approval of the bond issue to the Securities and Exchange Commission (SEC). The N60 billion will be raised through second tier bond with short-to-medium tenors of two, three and five years.

    The debt capital raising will be through a book building process and it is expected that the book building will commence this month.

    Country Communications Director, Lafarge Africa Plc, Viola Graham-Douglas and Head, Corporate Finance and Investor Relations, Lafarge Africa Plc, Segun Okunsanwo, confirmed that the company has submitted application to SEC for the bond issue.

    The net proceeds of the bond issue will be used to refinance the third party debts of a subsidiary company, UniCem.

    The new bond issue is part of a co-ordinated plan to optimise the synergies from the recent integration of the South African and Nigerian operations of the group, including the appointment of a new managing director.

    Lafarge Africa on Thursday announced the appointment of Michel Puchercos, a French national, as the its group managing director and chief executive officer. Puchercos, who has worked across the global operations of Lafarge Africa, is expected to drive the performance of the cement group.

    Lafarge Africa suffered a loss before tax of N2.22 billion in first quarter 2016 as turnover dropped by 29.3 per cent. Key extracts of the unaudited report and accounts of Lafarge Africa for the three-month period ended March 31, 2016 showed that turnover dropped from N74.12 billion in first quarter of 2015 to N52.42 billion in first quarter of 2016. Gross profit dropped from N24.95 billion in 2015 to N7.81 billion. As against pre-tax profit of N6.09 billion in first quarter 2015, the company recorded a pre-tax loss of N2.22 billion. After taxes, net loss stood at N1.87 billion as against net profit of N5.83 billion in comparable period of 2015.

    Puchercos, a graduate of Ecole Polytechnique and the National School of Rural Engineering, Waterways & Forests, France, joined Lafarge as Head, Strategy and Purchasing in Orsan, Lafarge Biochemistry, and in 1998 became Director of Cement Strategy and Information Systems, Lafarge Gypsum. In 2003, Michel became the Director of Cement strategy, Lafarge Group in France.

    In 2005, he moved into cement operations as the CEO for Lafarge operations in Kenya and Uganda while doubling as the Chairman of Tanzania operations. While in this role, he was the Head of African Health as well as Supply Chain Management Committees for East and Southeast Africa.

    After four years in Sub-Saharan Africa, Michel moved to Asia as the President and CEO of Lafarge South Korea, where he remained for seven years. While in this role, he was also a Special Advisor to the Chairman as well as a Board Member at Aso Cement in Japan.

    On the outlook for the cement group, Puchercos said Lafarge Africa was poised to deliver better performance as its plant operations were stabilising, with gas utilisation accounting for more than four-fifth of operations.

    “Overall, our plants are expected to deliver stronger operational results in future quarters of 2016,” Pucheros said.

    According to him, in spite of the macroeconomic challenges, the company will continue to deliver good performance with significant upsides to come as it concludes on the integration journey to form Lafarge Africa Plc.

    “The company’s new organisation  is much stronger and better positioned to deliver operational excellence and improve value to our shareholders,” Puchercos said.

    Lafarge Africa said it expects 2016 to be vibrant, driven mostly by the individual home segment while it remains confident about the future.