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Lafarge Africa posts N96bn gross profit in H1 2022, records 32.1% growth in PAT

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By Philemon Adedeji

Lafarge Africa plc, the Nigeria’s third Largest cement  producer has posted gross profit of N96 billion for its 2022 half year H1 results, representing an increase of 32.6 per cent Year-on-Year (y-o-y)

In its unaudited half year H1 financial results submitted to the Nigeria exchange group limited (NGX), the company  made an unbroken record in terms of profitability in all the parameters.

The group Profit After Tax (PAT) moved stronger by 32.1 per cent which grew to N37.4 billion as of June 30th 2022 from N28.3 billion achieved in the corresponding period.

Also Profit Before Tax obligation reported for the period stood at N46.9 billion as of June 2022 from N36.8 billion in H1 2021, reflecting a marginal difference of 27.6 per cent.

Earnings per share (EPS), recorded during the period under review gained a 31 per cent to 232 kobo in H1 2022 from 176 kobo derived in the prior year period.

Another top-line performance in the unaudited results for the period ended 30th of June 2022, revealed 10.3 per cent growth in administrative expenses which rose significantly to N10.1 billion in H1 2022 from N9.2 billion achieved in the prior year period. The  rate at which the company sell and distribute grew by 45.4 per cent to N37.7 billion in H1 2022 from N25.9 billion derived in H1 2021.

From the balance sheet, the company’s total assets deployed as of June 30th 2022 stood at N568 billion from N526.8 billion as of December 31st 2021, an increase of 7.8 per cent. As total current assets gained a 14.6 per cent to N156.5 billion as of June 30th 2022 from N136.6 billion as of December 31st 2021,  total non-current assets also rose by 4.9 per cent to N409.5 billion as of June 30th 2022.

Lafarge Africa Plc, recorded 29.8 per cent decline in loans and borrowings which stood at N1.742 billion as of June 30th 2022 from N2.5 billion as of December 31st 2021.

In addition, total liabilities of the company’s increased further to N168 billion as of June 30th 2022 from N148 billion as of December 31st 2021, an improvement of 13.4 per cent. As total current liabilities grew by 15.9 per cent to N152 billion as of June 30th 2022 from N131 billion as of December 31st 2021, but totat non-current liabilities had a challenge during the period depreciated by 6.2 per cent to N409.5 billion as of June 30th 2022 from N390.2 as of December 2021.

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capital market

NGX: Sell-offs in banking stocks drop value of transactions down 2.60%

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Bearish sentiment persisted on banking stocks at the equity market on Friday, making the value of transactions traded on the floor of the Nigerian Exchange Ltd.(NGX) down by 2.60 per cent.

Analysis of the market activities indicated trade turnover settled lower relative to the previous session.
Specifically, investors transacted a total of 257.86 million shares valued at N5.40 billion exchanged in 7,168 deals, as against 285.91 million shares worth N5.54 billion exchange in 7,726 deals posted on Thursday.
Consequently, the market capitalisation, which opened at N56.469 trillion, shed N173 billion or 0.31 per cent to close at N56.296 trillion.
The All-Share Index also dropped 0.31 per cent or 306 points to settle at 99,539.75, compared to 99,845.91 recorded in the previous session.
As a result, the Year-To-Date (YTD) return dipped to 33.12 per cent.
Sell-offs in Guaranty Trust Holding Company (GTCO), FBN Holdings, Zenith Bank,  Access Corporation,  Stanbic IBTC Bank, Jaiz Bank, as well as United Capital and Unilever Nigeria, among other top decliners, drove the market to a negative terrain.
Meanwhile, market breadth closed negative with 20 losers and 14 gainers.
On the losers’ chart, United Bank led by 10 per cent to close at N1.62, FBN Holdings followed by 9.83 per cent to close at N24.30, Tantalizers declined by 8.57 per cent to close at 32k per share.
Deap Capital Management shed 7.35 per cent to close at 63k and Caverton went down by 6.83 per cent to close at 1.50 per share.
On the gainers’ chart, FTN Cocoa Processors led by 9.60 per cent to close at N1.37, RT Briscoe trailed by 9.26 per cent to close at 59k, Livestock Feed gained N1.45 per share.
Royal Exchange Assurance added 8.06 per cent to close at 67k, while Consolidated Hallmark Plc rose by 7.44 per cent to close at N1.30 per share.
On the activity chart, UBA led in volume with 38.72 million shares traded in value of N888.55 million, while GTCO led in value with 38.30 million shares worth N1.31 biliion.
Access Corporation also sold 34.34 million shares worth N584.54 million, Zenith Bank traded 24.41 million shares worth N875.85 million and The Initiative Plc transacted 17.52 million shares worth N34.13 million.
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Financial expert seeks alignment of FG’s fiscal policy with CBN’s monetary policy

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A financial expert, Mr Eddie Osarenkhoe, has advised the Federal Government to align its fiscal policy with the Central Bank of Nigeria’s monetary policy to achieve economic stability.

Osarenkhoe, the immediate past President of Finance Houses Association of Nigeria (FHAN), gave the advice while speaking with newsmen on Wednesday in Ota, Ogun.

He attributed the current steady appreciation of the naira to CBN’s reforms and the country’s ability to pay some of its debts.

Osarenkhoe applauded the CBN reforms which, he said, had helped to sustain the steady appreciation of the naira against the dollar.

The financial expert stated that CBN was able to check speculators in the foreign exchange, thus resulting in continuous appreciation of the nation’s currency.

“If the federal government is able to come up with fiscal policy in alignment with that of CBN, it will help the nation’s economy a great deal,” he said.

According to him, the economy needs to improve through exports to enable the country to earn more foreign exchange.

The naira has shown a remarkable strength against the US dollar, trading below N1,000 at the official market.

This development has been attributed to the strategic financial policies being implemented by the President Bola Tinubu-led administration and CBN.

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Investors lose N457bn as bearish sentiment continues

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Investors in the Nigerian equities market lost N457 billion at the end of trading on Wednesday.

This followed the dip in the share value of Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors on the trading floor today.

After five hours of trading at the capital market, the equity capitalisation crashed to N56.5 trillion from N56.9 trillion posted by the bourse on Tuesday.

Similarly, the All-Share Index (ASI) fell below the 100,000-mark to 99,908.89 from 100,717.21 achieved by the bourse the previous day.

The market breadth was negative as 17 stocks advanced, 26 declined, while 78 others remained unchanged in 9, 074 deals.

Ikeja Hotel topped the gainers’ list with +10.00 percent to close at N7.26 from its previous N6.60 per share.

Fidelity Bank, Academy, Morison, and Prestige also increased their share prices by 9.88 percent, 9.77 percent, 9.71 percent, and 9.26 percent respectively.

On the flip side, Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors led other price decliners as they shed 10.00 percent, 9.79 percent, 9.79 percent and 9.72  percent each off their share prices.

UBA recorded the highest volume by trading 55.013 million shares valued at N1.28 billion in 1,092 deals followed by Zenith Bank with 47.029 million shares worth N1.69 billion traded by investors in 907 deals.

Access Corp traded 44.986 million shares valued at N789 million in 845 deals.

On the value index, Zenith Bank recorded the highest value for the day trading stocks worth N1.69 billion in 907 deals followed by UBA which traded equities worth N1.284bn in 1,092 deals.

Access Corp traded stocks worth N789 million in 845 deals.

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