Lafarge Africa Announces Further Delay in Filing 2018 Results

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  • Lafarge Africa Announces Further Delay in Filing 2018 Results

Shareholders of Lafarge Africa Plc are to wait for a longer time to see the financial performance of the cement firm for the 2018 financial as the company yesterday announced a further delay in the filing of the audited results.

While most of its peers have released their 2018 results, recommended dividends and even announced their 2019 first quarter results, Lafarge Africa Plc has been delaying the filing of its result.

And yesterday, in another notification to the Nigerian Stock Exchange (NSE), the company said it would further delay the release of the results.

“This is to notify our esteemed shareholders and other stakeholders of a further delay by Lafarge Africa Plc to release/publish its annual audited financial statements(AFS) for the year ended 31st December 2018 as required by extant Rules of the NSE. The delay is necessitated by pending actions required for the resolution of key matters relating to the closure of the company’s annual AFS for the year ended 31st December 2018. Consequently, the approval of the NSE has been sought for the delay/late filing of the AFS,” the company said.

Lafarge Africa had recorded a loss after tax of N34.601 billion in 2017 compared with a profit after tax of N16.898 billion in 2016. The company early this year successfully raised the sum of N89.212 billion from existing shareholders through a Right Issue of N7.434 billion ordinary shares of 50 kobo each at N12.00 per share.

The N89.2 billion rights issue was the company’s second issue within two years having raised N132 billion the previous year. Shareholders of the company had last September approved the raising of fresh capital in line with the firm’s refinancing plan. The Chief Financial Officer (CFO) of Lafarge Africa Plc, Mr. Bruno Bayet, had said the a refinancing plan was aimed at preparing it for future development in Nigeria, improving the company’s leverage as well as strengthen its profitability.

The Chairman of Lafarge Africa, Mr. Mobolaji Balogun had said the additional capital would further help to deleverage the company’s balance sheet and provide head room for the expansion of our business.

Balogun said the board of directors was mindful of the support of all our shareholders through the difficult but necessary journey to transform the company into a more agile and correctly financed business ready to benefit from the potential opportunities in Nigerian building materials (market).

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: samed@investorsking.com.

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