Lafarge Africa Plc, a building materials company in the industrial goods sector, Sunday, announced a 8.6% revenue growth in its Financial Year 2023 Results.
Its revenue grew to N405.5 billion in 2023 from the N373.2 billion recorded in 2022.
While its operating profit appreciated by 21.18% year on year to N102.0bn from N84.2bn in 2022, its finance cost, however, increased by 62.56%.
It also reported an increase in gross profit by 5.35%y/y to N206.7bn in 2023 from N196.2bn in 2022.
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While the Profit before tax increased by 15.33%y/y, a higher effective tax rate in 2023, after the expiry of the pioneer status incentive in 2022 coupled with pressures from foreign exchange losses led to a profit after tax decline of 4.7% YoY to N51.1bn in 2023 from N53.6bn in 2022
Speaking on the result, CEO of Lafarge Africa, Lolu Alade-Akinyemi said, “The fundamentals of our business remain strong. In spite of extremely challenging macroeconomic headwinds, we grew the top line by 8.6% and improved the Operating Margin from 22.6% to 25.3% in FY 2023.
“In the face of very material FX devaluation losses and higher effective tax rate, Profit After Tax declined YoY by 4.7%. Our performance was largely impacted by spiralling inflation and unprecedented naira devaluation, with the attendant pressure on energy and supply chain costs.”
