Lafarge Africa Boosts Earnings, Grows Balance Sheet in Q1
Cement company Lafarge Africa Plc has reported improved earnings performance in the first quarter ended March 31, 2022, detail from its regulatory filing show. The unaudited results showed that Lafarge Africa posted net sales of N90.606 billion, rising from N71.470 billion in the corresponding period of 2021. The figure represents an increase of 27.8 per cent.
The financials show that the company’s net income increased by 92.2 per cent to N17.558 billion compared to N9.136 billion recorded in 2021 following healthy growth in topline performance amidst rivalry among cement oligarchs.
Speaking about the result, Mr Khaled El Dokani, the Chief Executive Officer (CEO), Lafarge Africa, said that the company’s first-quarter 2022 performance showed significant use of affordable clean energy and agro-ecology footprint.
According to him, it is in accordance with the net-zero pledge trajectory of the company business.
“We are equally pleased with the progress we are making on sustainability; our coming after our very strong FY 2021 results, our Q1 2022 performance confirms the continued growth 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 journey.
“We will continue to maximise volume opportunities across our markets and actively manage our costs,” he said. Dokani said that the company expected good demand momentum to continue in the second quarter, while it remains focused on its drive toward sustainability.
Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company, is a member of Holcim Ltd., a world leader in building solutions. #Lafarge Africa Boosts Earnings, Grows Balance Sheet in Q1
