Lafarge Records N120bn Revenue
Leading Sub-Saharan Africa building materials company, Lafarge Africa Plc, has announced a revenue increase of 2.3 per cent for the first half of 2020.
Lafarge, in a statement signed by its General Counsel and Company Secretary, Adewunmi Alode, said the revenue rose from N117.9 billion in the first half of 2019 to N120.5 billion in the corresponding period of 2020.
The company, however, recorded a dip in its sales for the period under review.
Larfarge’s net sales nosedived by N56.8bn, a negative record of 5.1 per cent.
Chief Executive Officer of Lafarge Africa, Khaled El Dokani, said, “Q2 results remained resilient with net sales of -5.1% and recurring EBIT +29.7%, compared to prior-year period, despite the impact of the COVID-19 pandemic.
“The implementation of our “HEALTH, COST and CASH (HCC)” initiatives have delivered considerable improvement in our performance.”
He was upbeat on the performance of the company in spite of the impact of COVID-19 pandemic duribeg the first half of 2020, saying the medium to long-term outlook remains positive.
He added, “With the gradual easing of the lockdown by the Federal Government, we will continue to focus on the business resilience to maintain a healthy balance sheet, while prioritising the health and wellbeing of our people, communities and other stakeholders.”
Lafarge Africa Plc, is a subsidiary of LafargeHolcim, a world leader in building materials.
Listed on the Nigerian Stock Exchange, Lafarge Africa is actively participating in the urbanisation and economic growth of Nigeria, the largest economy in Africa.
The company has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt.
Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.
Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria.