Lafarge Africa reports 49% profit growth for Q2

Lafargeholcim

Lafarge Africa, the second largest cement producing company in Africa reported that its net profit rose by 49% to NGN14.5 billion profit against NGN28.3 billion loss recorded in the year before.

The rival to Dangote Cement company ended the second quarter with increased revenue to NGN73.5 billion compared to NGN54.9 billion recorded same period financial year 2016.

Costs of sales for the period was NGN49.9 billion against NGN47.6 billion posted in the previous year.

Gross income jumped to NGN23.5 billion in contrast to NGN7.3 billion posted in the year 2016. Its operating income rose to NGN14.7 billion against NGN25.4 billion loss recorded in the year before.

Profit before tax came in at NGN8.7 billion compared to NGN27.9 billion loss recorded in the year 2016.

Total assets for the period was NGN607.4 billion compared to NGN502.4 billion acquired in the fiscal year 2016 while its total liabilities was NGN318.5 billion against NGN175.9 billion posted in 2016.

Company Information

Lafarge Africa Plc is a building materials company. The Company’s segments include Nigeria and South Africa. Its subsidiaries include Lafarge Ready Mix Nigeria Limited, AshkaCem Plc, Atlas Cement Company Limited, LSAH, The United Cement Company of Nigeria Ltd (UniCem) and Egyptian Cement Holdings (ECH). Lafarge Ready Mix Nigeria Limited is in the business of producing ready mix concrete for the construction industry.

The Company, through its Lafarge Ready Mix Nigeria Limited operations with eight batching plants, is producing concrete and aggregates solutions from its various locations in Nigeria. LSAH is a holding company. AshakaCem Plc is a cement manufacturing company. UniCem is a cement manufacturer and supplier of cement. UniCem has a production capacity of 2.5 million tons. WAPCO Operations is the South-West operations of Lafarge Africa Plc. The product portfolio includes five products, such as Elephant Cement, Supaset Cement, Powermax, Etex and Sulfate Resistant Cement (SRC).

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