Lafarge Africa’s profit rises by 109.99%

Lafarge Africa Plc has reported a Profit Before Tax of N37.57bn for the year ended December 31, 2020.

This was disclosed in the company’s full year audited financial report released on Wednesday.

According to the report, the company’s PBT rose by 109.99 per cent in the year under review from N17.89bn it posted in 2019.

Its Profit After Tax also rose by 98.75 per cent to N30.84bn in 2020 from N15.52bn in 2019.

Further analysis of the financial statement showed that profit from operating activity rose by 30.83 per cent to N45.67bn in the review year relative to N34.91bn in 2019.

The company’s statement for profit or loss showed that its revenue for the year 2020 rose by 8.25 per cent to N230.57bn from N212.999bn in 2019.

Basic earnings per share also increased by 98.96 per cent to N191 in 2020 from N96 in 2019.

The company’s total shareholders’ equity stood at N359.64bn, upped slightly by 4.27 per cent from N344.91bn in 2019.

A dividend of N1.00 would be paid to the company’s shareholders, while no bonus dividend was declared, the report indicated.

In a statement released on Wednesday by its General Counsel and Secretary, Adewunmi Alode, the Chief Executive Officer, Lafarge Africa, Khaled el Dokani, said, “Full year 2020 results remained resilient, with net sales of +8.3 per cent, recurring Earnings Before Interest and Taxes of +30.8 per cent and net income of +98.8 per cent.

For 2021 projection, Lafarge Africa said it would focus on the implementation of its strategy and execution of the ‘Health, Cost and Cash’ action plan.

“Our Health, Cost and Cash action plan delivered results in 2020 amid the Coronavirus Disease, which triggered inflationary and naira devaluation pressures as well as production challenges.

“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 agro-ecology footprint,” El Dokani added.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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