Net sales for Lafarge Africa went up to 9.8% compared to last year.
In its first-quarter report for the year, the firm said the report confirmed the effectiveness of its turnaround initiatives.
“I am proud of the plan Lafarge Africa has implemented to protect the health of our people while supporting our partners and communities,” said CCEO Mr Khaled El Dokani.
“The first quarter results confirm that our turn initiatives are effective and our strong balance sheet is mitigating the risks borne by the pandemic that started hitting our country in March.”.
Dokani said COVID-19 impact on the 2020 results cannot be reasonably estimated at this stage but long-term prospects remain positive.
The company says it expects that the public safety measures issued by the federal and state authorities in Nigeria and around the world will adversely affect the companys results in Q2, 2020.
Dokani added that despite short-term disruptions, Lafarge Africa PLC is however confident in the underlying resilience of its businesses and operating model as the company has developed robust cost and cash optimization Initiative.
“The Lafarge Africas strong balance sheet and reduced cost base will also help minimise the negative effects of the COVID-19 pandemic, “Dokani said.
