Lafarge Africa Reports 53% Growth in Profit to N60.08bn

Kayode Tokede

Lafarge Africa Plc has announced a profit after tax of N60.08 billion for the nine months ended September 30, 2024, about 53 per cent increase over N39.31billion reported in nine months of 2023.

The results, the company said, reflected strategic focus on sustainability and operational efficiency as profit before tax closed at N94.33billion, representing an increase of 54 per cent from N61.16 billion reported in nine months of 2023. 

The cement maker declared N479.5billion net sales in nine months of 2024, up by 66 per cent from N289.08billion in nine months of 2023, a major contributing factor that impacted on profit generation.

The CEO of Lafarge Africa, Lolu Alade-Akinyemi in a statement said, ” We achieved strong top-line growth of 101per cent and 66per cent in third quarter (Q3) and nine months of 2024, 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.”

“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.

“I would like to thank our esteemed customers, employees and all other stakeholders of Lafarge Africa for their commitment despite the macroeconomic headwinds being experienced in the industry.”

The cement maker said it unveiled Water-shield Cement in Q1 2024; 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,” it stated in a  statement. 

The company disclosed that it 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.

Lafarge Africa launched its first ECOPlanet cement in Q3 2024 to strengthen its commitment to a greener planet. The product is expected to further reduce its carbon footprint in the industry. Lafarge Africa 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.

On outlook, the company added that, “The Nigerian Infrastructure and Construction Sector is expected to continue to grow despite inflationary pressure on purchasing power. As a result, we maintain our positive outlook, with market recovery expected in Q4 2024.

“We will continue to maximize volume opportunities across our markets and actively manage our costs. We remain committed to our sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery of stakeholder value.”