One of Nigeria’s leading cement manufacturing companies, Lafarge Africa, grew profit after tax by 92.2 percent year-on-year to N17.558 billion in the first quarter (Q1) ended March 31, 2021.
Lafarge disclosed this in its unaudited financial statement obtained by Investors King.
The company’s profit before tax jumped by 68.1% from N12.772 billion in Q1 2021 to N21.467 billion in the period under review.
Revenue rose by 26.77% to N90.606 billion from N71.470 billion in Q1 2021. Gross profit also improved to N42.173 billion, representing an increase of 35.17% while operating profit stood at N22.117 billion.
Commenting on the company’s performance, Khaled El Dokani, said “Our Q1 2022 performance shows significant improvement over Q1 2021, with net sales of +26.8%, recurring EBIT of +50.4% and net income of +92.2%.
“Coming after our very strong FY 2021 results, our Q1 2022 performance confirms the continued growth trajectory of our business. We are equally pleased with the progress we are making on sustainability; our use of affordable clean energy and agro-ecology footprint are in accordance with our net zero pledge journey”.
Lafarge Q2 2022 Outlook
● Good demand momentum expected to continue in Q2 2022.
● We will continue to maximize volume opportunities across our markets and actively manage our costs.
● We remain focused in our drive towards sustainability