LAFARGE Africa has reported a 29.02 percent increase in its Profit before Tax (PBT) in its 2023 second quarter (Q2) results to N32.787 billion, while the half-year PBT increased to N55.315 billion as against N46.879 billion in the same period last year.
According to the results released at the Nigerian Exchange Limited (NGX), its revenue also went up by 10.29 percent to N105.860 billion in Q2 2023.
In his comment on the released financial results, CEO, Lafarge Africa Plc, Lolu Alade-Akinyemi, appreciated employees and stakeholders of Lafarge Africa for another quarter of strong results, despite the challenging economic environment.
“We remain focused on delivering sustainable value to all stakeholders as the market recovers for the rest of the year.
“We achieved strong top-line growth of 10.3 percent in Q2 and 5.9 percent in H1; operating profit growth of 13.3 percent in Q2 and 7.7 percent in H1 and Profit Before Tax improvement of 29 percent in Q2 and 18 percent in H1. Owing to the expiration of the Pioneer Status Incentive, Q2 Profit After Tax growth was a muted 3.2 percent. This is backed up by a strong free cash flow position and healthy balance sheet.
“The recent launch of our eco label cement brand re-affirms our commitment to delivering superior value to our customers. This new product has been certified to be eco-friendly with 30 percent lower carbon emission than the local industrial standard.
“Our strategic and cost management initiatives have contributed to improved results despite the challenges. We remain steadfast in our commitment to driving innovation and accelerating green growth in line with our sustainability ambitions and targets,” he said.
It will be recalled that on June 26, Lafarge Africa announced the launch of Eco Label cement brand. Eco Label represents a broad range of green cement for high performance, sustainability and circular construction. This initiative supports the Lafarge Africa’s ambition to accelerate green construction with the use of eco-friendly products.
The products that are certified to be eco-friendly have a 30 percent lower carbon footprint compared to the local industry standard (Global Concrete and Cement Association). Lafarge UniCem brand, which contributes about 23 percent of the company’s entire volume is now eco-friendly.
By the production of this eco-friendly cement, Lafarge’s end-users have the opportunity to make greener choices and accelerate the country’s carbon reduction journey in the manufacturing sector.
Giving an outlook, Lafarge Africa, in a statement, said the Nigerian infrastructure and construction sector is expected to continue to grow despite inflationary pressure on purchasing power.
“As a result, we maintain our positive outlook, with market recovery expected for the second half of the year. We will continue to maximise volume opportunities across our markets and actively manage our costs. The company remains committed to its sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery of stakeholder value.”
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