Lafarge Africa Plc grew its pre-tax profit by 717 percent to N47.69billion in third-quarter (Q3) to September 30, 2024 compared to N5.84billion in Q3 of 2023. The cement maker/building solutions company’s recently released financials for the review period shows that its net sales rose to N183.920billion in Q3’24 from N91.400billion in Q3’23, up 101percent.
The N38.50 per share which Lafarge Africa closed on the Nigerian Bourse on Thursday October 30 represents an increase by 4.05 percent year-to-date (YtD). The Q3 scorecard also shows earnings per share (EPS: N/share) of 190.75 in Q3 as against 23.75 in Q3’23, up by 703 percent.
Also in the review third quarter, Lafarge Africa operating profit was N51.169billion from N17.064billion in Q3.23, up by 200percent. The company’s Profit After Tax (PAT) in the review Q3 period rose by 703 percent to N30.726billion from N3.826billion in Q3’23.
The Nigerian Infrastructure and Construction Sector is expected to continue to grow despite inflationary pressure on purchasing power. As a result, Lafarge Africa maintains its positive outlook, with market recovery expected in this fourth quarter (Q4) of 2024.
“We achieved strong top-line growth of 101 percent and 66 percent in Q3 and 9 months (9M), respectively. PAT improved on the back of operational efficiency amidst heightened cost pressure. Our performance was driven by strong output due to improved plant stability, enhancement in our supply chain operations and our cost management initiatives,” said Lolu Alade-Akinyemi, CEO of Lafarge Africa.
He further said, “Our strategic initiatives contributed significantly to our results despite macroeconomic challenges. We remain committed to our innovation drive and green growth acceleration, in line with our sustainability ambitions, while also delivering value to our stakeholders”.
Read also: Dangote Cement’s revenue up 69% on increased patronage
Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company is a member of Holcim Limited, a world leader in building solutions accelerating our world’s green transformation.
The company’s cement operations are in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.
Lafarge said it will continue to maximise volume opportunities across its markets and actively manage its costs. The company remains committed to its sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery of stakeholder value.
In the first-quarter (Q1) of 2024, Lafarge Africa unveiled Water-shield Cement, the product continues to make good strides in the market.
“This product has started to redefine industry standards, offering a solution previously unseen in construction materials. Lafarge Water-shield Cement prevents water from permeating into buildings, thus ensuring the durability of the structure.
“This can be used for new structures and for remedial works where rust marks or seepage is evident on the building. Lafarge Africa will launch a new product this month, named Supa whyte, a Gypsum plaster (POP) product, to further extend its range of products in the building Solutions applications. The product is set to improve versatility in design, allowing a wide range of decorative designs,” the company said.
In Q3 2024, Lafarge Africa launched its first ECOPlanet cement to strengthen its commitment to a greener planet. The product is expected to further reduce its carbon footprint in the industry. Lafarge Africa said it is also set to introduce Calcined Clay, a low carbon raw material, into its cement manufacturing process, which will in turn reduce its CO2 emission and carbon footprint.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
