Lafarge Africa profit grows by 157% in Q1
Lafarge Africa Plc posted a 157 per cent increase in profit after tax in the three months ended March 31, 2020.
The cement maker grew its profit after tax to N8.07bn in Q1 2020 from N3.14bn in the same period a year ago.
Its pre-tax profit rose to N9.38bn in Q1 2020 from N4.59bn in Q1 2019 as revenue increased to N63.69bn from N58.02bn, according to the company’s unaudited financial statements obtained by Markets Reporters from the Nigerian Stock Exchange.
The Country Chief Executive Officer, Lafarge Africa, Khaled El Dokani, said, “I am proud of the plan Lafarge Africa has implemented to protect the health of our people while supporting our partners and communities.
“The first quarter results confirm that our turnaround initiatives are effective and our strong balance sheet is mitigating the risks borne by the pandemic that has started hitting our country in March.”
Lafarge said the COVID-19 impact on the 2020 results could not be reasonably estimated at this stage, but that long-term prospects remained positive.
It said, “The company expects that the public safety measures issued by the federal and state authorities in Nigeria and around the world will adversely affect the company’s results in Q2 2020.
“Despite short-term disruptions, Lafarge Africa Plc is however confident in the underlying resilience of its businesses and operating model as the company has developed robust cost and cash optimisation initiatives.”
The company said its strong balance sheet and reduced cost base would also help minimise the negative effects of the COVID-19 pandemic.
