Lafarge Africa Group Plc has announced its 2019 financial report, as it posted a profit before minimum tax of N17.2 billion in 2019, compared to a loss before minimum tax of N1.5 billion in 2018.
Its Profit from continuing operation closed at N15.5 billion in 2019 as against a loss of N8.1 billion during the comparable period in 2018. The operating Profit for 2019 stood at N34.9 billion, as compared to N38.5 billion in 2018.
It posted a revenue of N213 billion as compared to N217 billion recorded in 2018. The cost of sales also increased to N157 billion as against 150.7 billion reported during the comparable period in 2018.
In addition, Lafarge Africa Group’s audited financial results showed its selling and marketing cost increased to N5 billion during the period under review compared to N3.8 billion as of 2018.
Administrative expenses also reduced greatly to 17.6 billion in the year 2019, from N24.9 billion during the comparable period last year.
Khaled El Dokani, CCEO of Lafarge Africa stated: “Our turnaround and cost-reduction strategy in FY 2019 and the divestment of the South African business, have delivered strong results. The decrease in net debt has significantly strengthened our balance sheet and has placed us in a vantage position to face the future.”
About Lafarge Africa Plc: The company is a member of the LafargeHolcim Group – 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.