In order to increase company’s profit and record financial growth, Lafarge Africa has approved a new right issue of up to N90 billion. The Chief Financial Officer (CFO) of Lafarge Africa Plc, Bruno Bayet made this disclosure after the leading Sub-Saharan Africa building materials company, released its H1 2018 financial statements for the year ended 30 June 2018.
In its second quarter, Lafarge Africa had posted N162 billion as its net sales. According to Michel Puchercos, the Chief Executive Officer of the company who made the sales known, the figure represented an increase of 5 percent and 11 percent respectively, compared to the corresponding period of 2017.
The company reported a revenue of ₦162.29 billion for the period ended June 2018, compared to ₦154.84 billion reported for the period ended June 2017. This represents a 5% increase for the comparative period in 2017.
Loss before tax was ₦6.35 billion for the period ended June 2018, as against profit before tax of ₦18.16 billion reported for the period ended June 2017.
The company’s loss after tax for the half year ended 30th June 2018 was ₦3.9 billion, as against profit after tax of ₦19.7 billion recorded in H1 2017.
Lafarge also reported loss per share of 45 kobo for the period ended June 2018, as against earnings per share of 368 kobo reported for the comparative period in 2017.
The company stock traded at N27.50 during trading session at the floor of the Nigerian Stock Exchange, year to date the stock is down 38.7%.
Prior to the release of Lafarge’s H1 financial statement, the management of Lafarge Africa Plc announced the resignation of Jean-Carlos Angulo as Non-Executive Director of the company with effect from the 20th of July 2018. He has since been replaced by Rossen Papazov.
About Lafarge Africa Plc
Lafarge Africa Plc is a unit of LafargeHolcim Group, one of the biggest building and concrete solutions company in the world.
It is a publicly quoted company on the Nigerian Stock Exchange (NSE) and serves Nigeria and South Africa with a wide range of building and construction solutions, designed to meet housing and construction needs from small projects, like individual home buildings to major construction and infrastructure projects.
With plants in Ewekoro and Sagamu in the South West, Mfamosing in the South-South and Ashaka in the North East of Nigeria, Lafarge Africa Plc currently has an installed cement production capacity of 10.5MTPA and has plans to grow in the near term.