Lafarge Beats Dangote, BUA in Profit Growth as Cement Battle Rages
Lafarge Africa Plc, the third-biggest cement producer in Nigeria, recorded the highest growth in earnings in the first three months of this year, outperforming its two biggest rivals, Dangote Cement Plc and BUA Cement Plc.
MarketsReporters analysis of data from their latest audited financial statements shows that Lafarge’s after-tax profit surged by 837.19 percent to N48.64 billion, while BUA and Dangote saw their earnings rise by 351.42 percent and 85.72 percent respectively to N81.12 billion and N209.25 billion.
“We achieved solid financial results in Q1, with net sales growth of 80 percent, operating profit up 137 percent, and profit after tax of N48.6bn, a strong performance driven by our innovative product offerings and strategic operational Initiatives,” Lolu Alade-Akinyemi, CEO of Lafarge Africa, said in a statement.
In the first quarter, Lafarge launched what it calls ‘Ground Calcium Carbonate’, which it said could be used in multiple industries such as construction for filler in concrete, and also helps to reduce carbon content in concrete solutions.
