Lafarge Africa post 43% drop in profits, share price down 5%
Lafarge Africa released its 2014 Full year results Friday morning showing revenue was flat year on year. The company reported a Group revenue of N205.8billion compared to N206billion same period in 2013.
Lafarge Africa also reported a profit after tax and discontinuing operations of N34.3billion representing a 43% drop from a year ago. Earnings per share for the group was N7.38 representing a 45% drop from the N13.43 reported a year earlier.
This will be Lafarge Africa’s first full year earnings since its merger of its African entities including Wapco Nigeria and Lafarge South Africa.
The company also reported a comprehensive loss of N123.1billion as it wrote off about N157.4billion against its reserves. The write-offs arose from the business combination of its operating entities. Lafarge Africa proposed N3.60 dividend for shareholders who hold shares on or before April 24th 2015.
Share price was down 5% as at close of trading.