Lafarge Africa’s Resilience Drives Profit Growth
Lafarge Africa has reported an impressive 53% year-on-year profit increase, with a profit after tax reaching N60.076 billion, attributed to effective cost management and strong operational efficiency. This significant growth, as shown in the cement company’s unaudited financial statement for the first nine months of 2024, has highlighted its resilience amidst rising operational costs and a challenging economic landscape.
The firm’s revenue jumped 65.9% to N479.50 billion, driven by strategic pricing adjustments and increased production volumes. This performance spurred its share price up by 4.05% to N38.5, raising its market capitalisation to N620.150 billion.
Commenting on the achievement, Lafarge Africa’s CEO, Lolu Alade-Akinyemi, said, “We achieved strong top-line growth of 101% and 66% in Q3 and 9M, respectively. PAT improved on the back of operational efficiency amidst heightened cost pressure.”
The CEO attributed the strong results to Lafarge’s focus on maintaining plant stability, optimising supply chain operations, and prioritising cost management. These measures helped the company navigate the headwinds of escalating costs and a high-interest environment that saw finance expenses rise by over 336% to N35.751 billion.
Despite these challenges, Lafarge’s operating efficiency remains robust, with Alade-Akinyemi noting the company’s commitment to “innovation and green growth acceleration” as part of its sustainability agenda. “We remain committed to delivering value to our stakeholders, thanks to the dedication of our customers, employees, and all other stakeholders despite the macroeconomic headwinds.”
The positive trajectory reflects Lafarge Africa’s ability to adapt and sustain growth, reinforcing its position in Nigeria’s industrial landscape and showcasing its continued potential to weather economic pressures while delivering on its sustainability goals. Bank Liquidity Surge Drives Interbank Rate Relief
