Lafarge Africa Posts N213bn Revenue, Profit Up By N17bn

Lafarge Afrca Group plc has announced its 2019 full year financial report,  posting a profit before minimum tax of N17.2 billion in 2019, compared to a loss before minimum tax of N1.5 billion in 2018.

Profit from continuing operation closed at N15.5 billion in 2019 as against a loss of N8.1 billion during the comparable period in 2018.

The operating Profit for 2019 stood at N34.9 billion, as compared to N38.5 billion in 2018, while the company posted a revenue of N213 billion as compared to N217 billion recorded in 2018.

The  repport indicates that cost of sales also increased to N157 billion as against 150.7 billion reported during the comparable period in 2018.

In addition, Lafarge Africa Group’s audited financial results showed its selling and marketing cost increased to N5 billion during the period under review compared to N3.8 billion as of 2018.

Commenting on the performance, Khaled El Dokani, CEO of Lafarge Africa said: “Our turnaround and cost-reduction strategy in full year 2019 and the divestment of the South African business, have delivered strong results. The decrease in net debt has significantly strengthened our balance sheet and has placed us in a vantage position to face the future.”