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

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.