Lafarge Africa Plc profit after tax (PAT) surged by 96% year-on-year to ₦100.1 billion in the financial year ended December 31, 2024.
The cement giant also posted a record-breaking revenue of ₦697.8 billion, a 72% growth compared to the previous year.
The company attributed the strong performance to increased sales volume, enhanced operational efficiency and strategic cost management despite prevailing macroeconomic challenges.
“Our record-breaking revenue of ₦697 billion and PAT of ₦100 billion for full-year 2024 is a testament to our strong market positioning, operational efficiency, and commitment to value creation,” said Lolu Alade-Akinyemi, CEO of Lafarge Africa Plc. “Despite a challenging business environment, we have remained resilient, leveraging innovation and green growth in line with our sustainability ambitions.”
Lafarge Africa recorded an 86% year-on-year increase in net sales to ₦216.8 billion for the fourth quarter of 2024. Operating profit for the quarter surged by 103% while Q4 PAT soared by 263% compared to the same period in 2023.
Key financial highlights include net sales of ₦696.8 billion for the full year, up 72% year-on-year, and ₦216.8 billion in Q4, reflecting an 86% increase from the previous year. Operating profit rose to ₦193.0 billion, representing a 89% growth, while the company’s operating margin improved to 28%, up from 25% in 2023.
Profit after tax doubled to ₦100.1 billion with Q4 alone delivering a 262% increase to ₦42.8 billion. Earnings per share also grew to ₦6.22, compared to ₦3.17 in the previous year.
The company revealed it is focus on expanding its product range, improving efficiency and maintaining a strong safety culture.
“We remain committed to strengthening our leadership position in providing sustainable building solutions while driving long-term profitability,” Alade-Akinyemi stated.
The robust earnings report signals Lafarge Africa’s ability to navigate industry challenges, solidify its market position, and sustain growth momentum amid evolving economic conditions.
