Chairman of Ashakacem PLC, Mallam Suleiman Yahyah on Tuesday at its 2014 Annual General Meeting, said the board members of the company had increased its shareholders’ dividend to 7.1 per cent.
Yahyah said this in Abuja in his address to the shareholders.
He said a dividend of 45 Kobo on every ordinary share, representing an increase of 7.1 per cent of last year’s dividend, was agreed by the board to be paid to shareholders.
According to him, the dividend is in line with the company’s plan to expand its cement production capacity from its current approximately one million tons to four million tons in 2015.
Yahyah explained that the four million tons expansion would be done partly with internally generated funds from the company.
He said that an additional new 2.5 million tons of cement per annum would be installed by the company to ensure that its production capacity was maintained.
He said due to the expansion, things like Limestone and a 64 megawatt coal-fired power plant would be available to ensure that cements production was steady.
Yahyah explained that the expansion would impact positively on the lives of all the shareholders and the host community.
Earlier, the Managing Director of Ashakacem, Mr. Leonard Palka, said that the company’s profit-after-tax increased to N5 million in 2014, representing 84.5 per cent in contrast to previous year.
According to him, the excellent performance of the company is due to staff motivation and enabling environment provided by the host community.
The shareholders later at the end of the meeting, ratified the appointment of Messrs Anders Kristiansson, Rabiu Umar and Mrs Edith Onwuchekwa as non-executive directors.
Mr. Sunny Nwaosu, Chairman of the Shareholders Association, expressed gratitude to the management of the company for “performing so well’’, not minding the insurgency in the North East.
He called on the management to increase the salaries of the workers as they were the people that made the company to perform well.

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