Lafarge Wapco Plc released its 2013 FY audited results showing revenue increased 12% to N98.7billion (2012 FY: N87.9billion). Gross profit at the end of the year. Gross profit at the end of the year increased 18% to N38.8billion as increase in cost of sales remained moderate at 8%. Profit before tax at the end of the year was N27.7billion 30% higher than the N21.2billion posted a year earlier.
The company ended the year on a strong note as it posted a profit after tax of N28.2billion representing a 90% increase from the N14.7billion posted a year earlier. It is important to note that the 90% increase was as a result of a tax credit of N552million obtained by the bank. They therefore did not incur income tax this year.
They proposed a dividend of N3.3 (2012: N2.2) and will close their register on April 28, 2013. The proposed dividend presents a current yield of just 3.3%. Its share price dropped 0.8% to N109 and still carried a P.E ratio of 11.5%.
More to follow….in the meanwhile here is a link to the result.