Lafarge Africa Plc reported a profit before tax of N5.84 billion in Q3 2023, marking a year-on-year decline of 17.4% from the corresponding quarter in 2022.
The group recorded a revenue of N91.4 billion in the quarter under review, representing a 9.77% increase from the corresponding quarter in 2022. This modified the group’s revenue for the nine months ending September 30, 2023, to N289.1 billion.
Key Highlights Q3 2023 vs Q3 2022
- Revenue: N91.40 billion, +9.77% YoY
- Cost of sales (production): N46.73 billion, +4.87% YoY
- Gross profit: N44.67 billion, +15.41% YoY
- Selling and distribution costs: N20.56 billion, -17.77% YoY
- Administrative expenses: N7.16 billion, +23.96% YoY
- Operating profit: N17.06 billion, +113.07% YoY
- Net finance cost: N11.22 billion, +1094.68% YoY
- Profit before tax: N5.84 billion, -17.37% YoY
- Profit after tax: N3.83 billion, -48.9% YoY
- Basic earnings per share: N0.24, -47.83% YoY
- Total assets: N643.60 billion, +7.14% YTD
More Insights
Despite recording a 15% increase in gross profit, the company recorded a significant pre-tax profit. It is linked to the over 1000% surge year-on-year in the company’s net finance costs during the quarter.
In the nine-month period ending September 30, 2023, the company recorded a profit before tax of N61.16 billion, marking a 13.36% increase year-on-year from the corresponding period last year.
However, the company recorded a profit after tax of N39.30 billion, representing a year-on-year decline of 12.46% from the corresponding period last year.
