Lafarge African Plc Released Q3 Financial Reports With Positive News

Lafarge African Plc recently released its Q3 report and the first nine months that ended September 30, 2023. The net sales of the cement makers settled at N289.081 billion, which signifies a 7.1% increase in the first nine months of 2023 when compared to the first nine months of 2022, which settled at N269.852 billion.

The operating profit of Lafarge was N69.349 billion, which signifies a 22.6% increase in the first nine months of 2023 when compared with the first nine months of 2022, which was N56.555 billion.

Lafarge Africa's profit before tax (PBT) grew to N61.156 billion, which signifies a 13.4% increase in the first nine months of 2023 when compared to the first nine months, which settled at N53.948 billion in 2022.

Also, profit after tax (PAT) dropped to N39.305 billion in the review nine months that ended on September 30, 2023, which signifies a 12.5% decrease when compared with the corresponding year that settled at N44.90 billion in 2022.

Lafarge's earnings per share (EPS) were N244, which signifies a 12.5% decline in the first nine months of 2023 when compared to the corresponding nine months of 2022, which finished at N279.

The company also launched its first electric-powered truck on October 23, 2023, in Ewekoro, Ogun State.

The project is part of Lafarge’s commitment to innovation and sustainability in its operations, along with its Accelerating Green Mobility strategy.

Lolu Alade-Akinyemi, CEO, Lafarge Africa Plc, said,

• We have injected additional gas trucks into the fleet as we continue to adopt eco-friendly and low-carbon means of distribution for our products.

• Lafarge Africa will continue to scale up these innovative initiatives over time in line with our decarbonization strategy and growth ambitions.

• The fundamentals of the business remain strong. We achieved strong top-line growth of 9.8% and 7.1% in Q3 and 9M, respectively.

• In nine months, operating profit grew by 22.6%. Our Q3 performance was, however, impacted by macroeconomic challenges, mostly inflation and the devaluation of the naira.

Lafarge Africa Plc is reported to be a member of Holcim Limited and is also listed on the Nigerian Exchange Limited (NGX).

The CEO added, 

• We continue to maintain a strong free cash flow position and a healthy balance sheet, positioning us for sustainable growth. Our mid to long-term outlook remains positive.

• We are committed to delivering sustainable value to all stakeholders as we go into the last quarter of the year. I would like to thank all employees and stakeholders at Lafarge Africa for their support over the years and in the last quarter.

 Lafarge Africa concluded by saying,

• As a result, we maintain our positive outlook, with continued market recovery expected for the last quarter of the year. We will continue to maximise volume opportunities across our markets and actively manage our costs.

• The company remains committed to its sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and the delivery of stakeholder value.