WorldStage Newsonline– Lafarge Africa Plc that is in the business of manufacturing and marketing of cement and other cementitious products such as Ready-Mix Concrete,Aggregates, Fly-Ash has released its Consolidated and Separate Statement of Profit or Loss and Other Comprehensive Income for the period ended 30 September, 2020 with 31.36% growth in revenue to N59.337 billion in Q3 2020 from N45.172 billion in same quarter in 2019 while revenue for the first nine months of 2020 rose to N179.877 billion from N163.057 billion in the same period in 2019.
The cement group recorded a 2.81% profit after tax growth in Q3 2020 at N4.867 billion from N4.734 billion in 2019 while profit for first nine months of the year rose to N28.196 billion from N20.573 billion in 2019.
Khaled El Dokani, CEO of Lafarge Africa Plc stated: “Our robust results for the first 9 months reflect the strong recovery of the demand in Q3 and the successful implementation of our “Health, Cost & Cash” initiatives. Both have delivered considerable improvement in recurring EBIT, net income and free cash flow, despite the impact of the COVID-19 pandemic and Naira devaluation, particularly in Q3.”
In its outlook, the company said market demand is expected to remain strong in Q4; Naira devaluation and inflation remain a concern in Q4; The implementation of our “Health, Cost & Cash” initiatives would continue to deliver improvement in our performance; We will maintain a healthy balance sheet.
Lafarge Africa was incorporated in Nigeria on 26 February, 1959 and commenced business on 10 January 1961. The Company formerly known as Lafarge Cement WAPCO Nigeria Plc changed its name on Wednesday 9 July 2014 and the change of name became effective with the acquisition of shares in Lafarge South Africa Holdings (Proprietary) Limited (LSAH) which was disposed in 2019, United Cement Company of Nigeria Limited (UNICEM), AshakaCem Ltd (AshakaCem) and Atlas Cement Company Limited (Atlas).
