By Ayomide Otitoju
Lafarge Africa Plc has reported a profit after tax of N100.1 billion for the 2024 financial year, marking a 96% increase from N51.1 billion recorded in 2023. The cement manufacturing giant also posted a 72% revenue surge to N696.8 billion from N405.5 billion in the previous year.
According to its audited financial statements filed with the Nigerian Exchange on Thursday, Lafarge Africa’s improved performance was driven by higher sales volume and enhanced pricing strategies despite macroeconomic challenges.
The company’s gross profit rose by 68% to N346.7 billion from N206.7 billion in 2023, demonstrating its ability to manage production costs and boost efficiency. However, selling and distribution expenses climbed by 54% to N120.4 billion, while administrative costs increased to N40.1 billion from N27.6 billion.
Operating profit stood at N193 billion, reflecting an 89% jump from N102 billion in 2023. Finance costs rose by 64% to N42.5 billion due to higher interest rates and borrowing expenses.
Despite rising expenses, the company posted a profit before tax of N152.3 billion, up 93% from N78.8 billion in 2023. Income tax expenses also rose by 89% to N52.1 billion from N27.6 billion, but the firm maintained strong bottom-line growth.
Lafarge Africa’s total assets expanded to N990.5 billion in 2024, a 45% increase from N681.4 billion in 2023. Non-current assets, including property, plant, and equipment, grew to N409.8 billion from N360.2 billion, reflecting ongoing investments in infrastructure and production capacity.
The company’s cash and cash equivalents improved to N237.9 billion from N168.4 billion, indicating strong liquidity. However, total liabilities also rose to N485.9 billion from N246.3 billion due to increased trade payables and contract liabilities.
Earnings per share increased to 622 kobo from 317 kobo in 2023, highlighting improved returns for shareholders.
