In its audited financial report for the nine-month period ending September 30, 2024, Lafarge Africa Plc has posted significant growth with a Profit-Berfore-Tax (PBT) of N91.5 billion.
This represents an increase from the N61.1 billion recorded during the same period in 2023, reflecting a year-over-year rise of 49.69 percent .
The company’s profit after tax rose by 45.78 percent to N57.2 billion, while revenue surged by 66.02 percent to N479.9 billion, with cement sales contributing 97 percent of total revenue.
This growth was attributed to higher revenue, effective cost management, and increased operational efficiency during the reviewed period.
In the company’s audited financial statements filed with the Nigeria Exchange Limited, the revenue for the nine months climbed to N479.9 billion, reflecting a 66 per cent growth from the N289.1 billion posted in the same period of 2023. This surge was driven by higher sales volumes and improved pricing strategies.
Despite the increase in revenue, the cost of sales also rose to N246.6bn, up from N141bn in the previous year.
However, Lafarge Africa Plc’s gross profit expanded by 58 per cent to N233.4bn, compared to N148.1bn in 2023.
The company’s operating profit also saw an increase, rising to N126.6bn, representing an 83 per cent jump from N69.3bn in the previous year. The growth in operating profit was supported by a reduction in impairment losses on receivables and a moderate increase in administrative expenses.
Finance costs, however, surged to N36.1 billion in 2024 from N11.6 billion in 2023, driven by higher interest rates and increased borrowings. This partially offset the gains from improved revenue and cost management.
Nevertheless, profit before tax rose by 50 per cent to N91.5billion from N61.2billion in the prior year.
The basic earnings per share rose to 356 kobo from 244 kobo in the corresponding period of 2023, reflecting the improved bottom line. Lafarge Africa Plc’s performance during the review period reaffirms its commitment to delivering strong financial results despite prevailing economic conditions.
ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
Ojekemi, who also served as an international observer during NANS conventions, stated that the convention…
Chief George, who is also the Atona Oodua of Yorubaland, made the call on Friday…
The grant will support efforts to strengthen the country’s immunisation systems, improve vaccine delivery, and…
The Nigeria Police Force has successfully rescued two kidnapped Ghanaian nationals and apprehended a key…
The Labour Party (LP) Governorship Candidate in the 2023 election, Mr. Gbadebo Rhodes-Vivour, has dismissed…
The Pan-Yoruba socio-political group, Afenifere, on Friday, condemned what it described as a clandestine plot…
This website uses cookies.