WorldStage Newsonline– Lafarge Africa has released its result for the third quarter 2023 with 48.9% drop in profit after tax to N3.826 billion in three months ended September 30, 2023 from N7.489 billion in Q3 2022.
Profit for nine months however declined by 12.5% to N39.305 billion from N44900 billion in 2022
The result showed that net sales grew by 9.8% to N91.400 billion in Q3 from N83.266 billion in 2022 while the figure for nine months grew by 7.1% to N289.081 billion from N269.852 billion in 2022.
Lolu Alade-Akinyemi, CEO Lafarge Africa, commented: “The fundamentals of the business remain strong. We achieved strong top-line growth of 9.8% and 7.1% in Q3 and 9M, respectively.
“9M Operating Profit grew 22.6%. Our Q3 performance was however impacted by macro-economic challenges mostly inflation and Naira devaluation.
“We continue to maintain a strong free cash flow position and a healthy balance sheet, positioning us for sustainable growth. Our mid to long term outlook remains positive. “We are committed to delivering sustainable value to all stakeholders as we go into the last quarter of the year. I would like to thank all employees and stakeholders of Lafarge Africa for their support over the years and in the last quarter.’’
The company confirmed that on 23rd October 2023, it launched its pilot Electric Powered Truck in its cement operations in Ewekoro, Ogun State.
“This project is in line with Lafarge Africa’s commitment to innovation and sustainability in its operations and also aligned with its Accelerating Green Mobility strategy,” it said.
“Also, we have injected additional gas trucks into the fleet as we continue to adopt eco-friendly and low carbon means of distribution for our products. Lafarge Africa will continue to scale up these innovative initiatives over time in line with our decarbonisation strategy and growth ambitions.”
On outlook, it said, “The Nigerian Infrastructure and Construction Sector is expected to continue to grow despite inflationary pressure on purchasing power. As a result, we maintain our positive outlook, with continued market recovery expected for the last quarter of the year. We will continue to maximize volume opportunities across our markets and actively manage our costs.
“The Company remains committed to its sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery
of stakeholder value.”
