Lafarge Africa Plc Profit After Tax Declined by Over 270 Percent in 2020

Lafarge Africa, a listed manufacturing company in Nigeria, reported revenue of N230.573 billion for the financial year ended 31, December 2020.

The company disclosed in its audited financial statement released on Wednesday.

Revenue rose from N212.999 billion achieved in 2019. While gross profit grew from N55.952 billion in 2019 to N67.240 billion in 2020.

Operating profit stood at N45.673 billion in the year under review, up from N34.910 billion filed in 2019.

Profit after minimum tax from continuing operations rose to N37.195 billion from N17.215 billion in 2019.

The company paid income tax of N6.352 billion in 2020, more than the N1.697 paid in the corresponding period of 2019.

Therefore, profit after tax from continuing operations stood at N30.842 billion in 2020, over 270 percent below the N115.104 billion recorded in 2019 when the company discontinued operations or sold a business unit at N99.587 billion.

Speaking on the company’s performance, Khaled El Dokani, CEO of Lafarge Africa stated: “Our “HEALTH, COST & CASH” action plan delivered results in 2020 amidst the COVID-19 pandemic, which triggered inflationary and Naira devaluation pressures and production challenges. Full year 2020 results remained resilient, with net sales of +8.3%, recurring EBIT of +30.8% and net income of +98.8%. We are proud of our people, who stand with our communities, and of our sustainability commitments to accelerate the net zero pledge through affordable clean energy and our agri-ecology footprint”.