Lafarge Africa’s Net Income Up 11.2% to N44.9bn

Kayode Tokede

Lafarge Africa Plc has announced a net income of N44. 9 billion for the nine months ended September 30, 2022 as against N40.39 billion reported in nine months of 2021.

The company’s unaudited results announced on the Nigerian Exchange Limited (NGX) showed an increase of 11.2 per cent.

The cement manufacturing company over the period delivered a revenue growth of 23.1per cent to N269.855billion in nine months of 2022 from N219.2billion in nine months of 2021, over improved sales in cement.

The company reported N261.4billion in revenue from sales of Cement in nine months of 2022, representing an increase of 22.43 per cent from N213.56billion reported in nine months of 2021.

Aggregates and concrete also recorded N8.0billion revenue from N5.48billion in nine months of 2021, while revenue from “Other products” closed the period under review at N384.1million from N157.67million.

The CEO of Lafarge Africa, Khaled El Dokani in a statement said, “In Q3 2022, our Net Sales improved by 12.2per cent over Q3 2021. The worsening exchange rate situation impacted our Cost of Sales, specifically key supplies indexed to the U.S dollar. This constrained our recurring EBIT growth. As a result, Q3 EBIT was 19.3per cent lower than last year. Without the FX impact, our Q3 EBIT improved by 8per cent vs last year.

“Our nine months of 2022 results underscore the Company’s resilience, with 23.1per cent growth in Net Sales, 17.5per cent growth in EBIT and 11.2per cent growth in Net Income. We remain committed to our sustainability ambitions by utilizing affordable clean energy in our operations and optimizing our green logistics strategy; among other initiatives that are in alignment with our net zero pledge journey.”