Lafarge Africa has generated N120.5 billion as revenue in the first half of the year 2020, a 2.3 per cent increase when compared to N117.9 billion reported in H1 2019.
According to the financial statements of the company for 2020 half-year released on Friday to the Nigerian Stock Exchange (NSE), the cost of sales also increased marginally to N78.8 billion from N78.4 billion, while the gross profit jumped to N41.7 billion from N39.5 billion.
According to the half-year results, the selling and marketing expenses reduced to N1.6 billion from N1.7 billion, while the administrative costs went down to N7.8 billion from N11.3 billion, with the other income down to N554.0 million from N1.3 billion and the operating profit up to N32.8 billion from N27.9 billion.
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Commenting on the result, Khaled El Dokani, CCEO of Lafarge Africa stated: “Q2 results remained resilient with net sales of -5.1 per cent and recurring EBIT +29.7 per cent, compared to prior-year period, despite the impact of the COVID-19 pandemic. The implementation of our “Health, Cost and Cash (HCC)” initiatives had delivered considerable improvement in our performance.”
Further analyses into the result indicated that in the first six months of this year, the finance income of the cement company dropped to N377.1 million from N934.3 million, while the finance costs reduced to N4.4 billion from N13.3 billion.
However, the profit before tax increased to N28.8 billion from N15.5 billion, while the profit after tax jumped to N23.3 billion from N9.0 billion, with the earnings per share at N1.45 versus 98 kobo of H1 2019.
On the balance sheet, the total assets reduced year-to-date to N495.8 billion from N497.2 billion in FY 2019, while the total liabilities dropped year-to-date to N143.7 billion from N152.2 billion as at December 31, 2019.
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