Lafarge Africa Plc has released its unaudited results for the first quarter (Q1) ended March 31, 2020.
The company grew revenue by 9.79percent to N63.69billion from N58.01billion in Q1 of 2019.
Its profit before tax of N9.38billion in Q1’2020 represents 104.52 percent increase from N4.58billion in Q1’19.
The company’s Q1’20 profit after tax of N 8.06billion against N3.14billion in Q1’19 represents increase by 156.5percent, according to the result at the Nigerian Stock Exchange (NSE).
Khaled El Dokani, Country CEO of Lafarge Africa stated: “I am proud of the plan Lafarge Africa has implemented to protect the health of our people while supporting our partners and communities. The first quarter results confirm that our turn around initiatives are effective and our strong balance sheet is mitigating the risks borne by the pandemic that has started hitting our country in March.”
On the outlook, he said “Covid-19 impact on the 2020 results cannot be reasonably estimated at this stage, but long-term prospects remains positive.”
The company expects that the public safety measures issued by the federal and state authorities in Nigeria and around the world will adversely affect the company’s results in second quarter (Q2), 2020.
“Despite short-term disruptions, Lafarge Africa Plc is however confident in the underlying resilience of its businesses and operating model as the company has developed robust cost and cash optimisation initiatives. The Lafarge Africa’s strong balance sheet and reduced cost base will also help minimize the negative effects of the Covid-19 pandemic,” he noted.