Lafarge Africa reports 73.2% drop in profit

By Kayode Tokede

Lafarge Africa Plc has reported 73.2 per cent decline in profit after tax, according to full year results for period ended December 31, 2020.

The cement producing company in its audited results to the Nigerian Stock Exchange on Wednesday reported profit after tax of N30.8billion in 2020 as against N115billion reported in 2019.

The company’s reported revenue gained 8.3 per cent to N230.57billion in 2020 as against N212.99billion reported in 2019.

Our correspondent gathered that the company reported N37.57billion in profit before tax in 2020 compared to N17.89billion reported in 2019.

CEO of Lafarge Africa, Khaled El Dokani in a statement stated: “Our “HEALTH, COST & CASH” action plan delivered results in 2020 amidst the COVID-19 pandemic, which triggered inflationary and Naira devaluation pressures and production challenges.

“Full year 2020 results remained resilient, with net sales of +8.3per cent, recurring EBIT of +30.8 per cent and net income of 98.8 per cent.

“We are proud of our people, who stand with our communities, and of our sustainability commitments to accelerate the net zero pledge through affordable clean energy and our agri-ecology footprint.”

According to the company, its focus for 2021 is to implement its strategy and execute the “HEALTH, COST & CASH” action plan.

Lafarge Africa’s total assets rose by 2.02 per cent to N507.2billion in 2020 from N497.15billion reported in 2019.

The management of Lafarge Africa proposed a dividend of N1.00 per ordinary share in issue payable from the pioneer profits will be paid to shareholders’ whose names appear in the Register of Members at the close of business on Friday, 30th April, 2021.

The dividend, if approved by shareholders at the Annual General Meeting will be paid on Tuesday, 25th May 2021.