Despite the current economic challenges in Nigeria, a cement company, Lafarge Africa Plc, has recorded 18 per cent Profit After Tax (PAT).
In a statement, Lafarge’s CEO, Lolu Alade-Akinyemi, said strategic and cost management initiatives contributed to the improved result despite some challenges.
The statement reads in part: “I would like to thank all 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 per cent in Q2 and 5.9 per cent in H1. Operating profit growth of 13.3 per cent in Q2 and 7.7 per cent in H1, and Profit Before Tax improvement of 29 per cent in Q2 and 18 per cent in H1.
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‘’Owing to the expiration of the Pioneer Status Incentive, Q2 Profit After Tax growth was a muted 3.2 per cent. This is backed up by a strong Free Cash Flow position and healthy Balance Sheet.”
