By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s top cement producer, Lafarge Cement Wapco Nigeria Plc (WAPCO) Thursday announced an increase in dividend payout to investors of 175 percent (175%) in its 2013 audited year end.

To record the 175% increase in dividend payout to investors of the company, the board of directors of Lafarge Cement proposed to pay a dividend N3.30 kobo per share compared to N1.20 kobo paid to shareholders in its 2012 audited year end.

Lafarge Cement said closure date of register of shareholders to benefit from the 175% dividend increase is April 28-May 02, 2014, while its annual general meeting (AGM) has been scheduled for May 21, 2014 in Lagos Nigeria.

A review of the 2013 audited accounts of the cement producer shows that profit after tax (PAT) increased significantly from N14.712 billion in 2012 end to N28.267 billion in the review period of 2013 end; indicating an increase in PAT of 92.2%.

Similarly, profit before tax (PBT) also grew from N21.264 billion in the audited period of 2012 to N27.714 billion in the corresponding period of 2013; showing a growth of 30.3% in the period under review.

While revenue appreciated by 12.3% as the company declared N98.798 billion in 2013 end compared to N87.965 billion reported in the same period of 2012.