Lafarge cement posts 18 bn profit in Q1 2021

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While sales of cement increased by 25.96 per cent and raked in N87.99 billion sales for the period.

In the Same vein, sales of mortar increased by 60.41 per cent to rake in N98.94 million.

The company also made money from income earned from short-term fixed deposit investment, raking in a total of N54.69 million.

Lafarge cement plc, however grew it other income mainly from government grant property disposal and sale seraps, rising 11.69 per cent to N165.66 million year-on-year .

Despite the growth in the top line revenues administrative expenses grew in digits, subduing bottom-line profit and distribution expenses grew by 16.86 per cent as the company improved in its advertising and campaign sending advertising expenses grew by 26.92 per cent, while campaign and innovation expenses was recorded as N3.33 million compared to just N21,000 in the prior- year period.

In addition, the company’s total assets are now N535.64 billion, while net assets rose by 4.64 per cent to N396.12 billion.The company’s long-term loan and borrowings stood at N2.29 billion.

Commenting on the company’s Q1 2022 performance, the CEO of lafarge Africa said, “The company Q1 2022 performance show significant improvement over Q1 2021, with net sales of +26.8 per cent, recurring EBIT of +50.4 per cent and net income of +92.2 per cent.

Coming after our very strong financial year 2021 results, our Q1 2022 performance confirms the continued growth trajectory of our business. We are equally  pleased with the progress we are making on sustainability our use of affordable clean energy and agro-ecology footprint are in accordance with our net zero pledge.

Lafarge cement plc, has earnings share (EPS) for the period was at N1.09, a 91 per cent increase from N0.57 in Q1  2021.The company has paid final dividend of N1.00 to its shareholders for the financial year ended 31 December 2021.