Lafarge Africa records 433% profit growth for Q1 2017


Lafarge Africa, the second largest cement producing company in Africa ended the first quarter 2017 with NGN81.3 billion revenue compared to NGN54.4 billion recorded in the same quarter 2016.

Its costs of sales for the period was NGN60.4 billion loss against NGN44.6 billion loss recorded int he previous year.

The cement company said its gross income for the period in review was NGN20.8 billion in contrast to NGN7.7 billion recorded in the fiscal year 2016.Meanwhile, its current operating income was NGN12.5 billion compared to NGN1.3 billion recorded in the 2016.

Lafarge Africa plc recorded NGN9.4 billion income before taxation against NGN2.2 billion loss recorded in the year before.

After deducting its tax for the period, its income for the period was NGN14.4 billion compared to NGN2.7 billion recorded in the financial year 2016, which represents 433% rise in profit year on year comparison.

Lafarge Africa acquired NGN523.7 billion total assets in the period in review against NGN502.4 billion recorded in the year 2016. Its total liabilities for the period was NGN174.8 billion compared to NGN175.8 billion recorded in the year 2016.

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