Lafarge Cement reports 31 per cent growth in gross profit to N142bn

By Philemon Adedeji

Lafarge cement PLC on Thursday reported 31 per cent increase in  gross profit for the full year audited results  ended December 31, 2021.

From the data released by Nigeria Exchange limited (NGX), the gross profit rose by 31 per cent, from N108.9 billion generated at the end of 2020 financial year to N142.6 billion generated at the end 2021 financial year.

The group on the Nigerian exchange limited reported significant increase in profit after minimum tax from N39.2 billion in corresponding period of 2020 to N61.8 billion in previous period of 2021, an improvement of 58 per cent.

The profit of the year appreciated by 65 per cent which increased from N30.8 billion in twelve months of 2020 to N51.003 billion in twelve months of 2021.

The group total assets grew from N507 billion at the end 2020 financial year to N526.8 billion at the end of December 31, 2021, the result presented shows an increase of 3.8 per cent.

However, the group declared huge improvement in profit before minimum tax to 66 per cent, from N37.6 billion at the end of 2020 financial year to N62.3 billion at the of December 31,2021.

Earnings per share for the period rose by 66 per cent from N191 in twelve months of 2020 to N317 in twelve months of 2021.

The net finance cost recorded for the period reveals declination of 41 per cent, as the profit declined from N8.53 billion in 2020 financial year to N3.53 billion at the end of December 2021.