Lafarge Africa reports N21.47bn PBT in Q1 2022
Lafarge Africa Plc on Friday announced N21.47billion profit before tax in its unaudited result and accounts for the first quarter (Q1) ended March 31, 2022, an increase of 68 per cent from N12.77billion reported in the first quarter ended March 31, 2021.
The cement manufacturing company also reported 92 per cent increase in profit in Q1 2022 to N17.56billion as against N9.14billion reported in Q1 2021.
Significant increase in revenue for the period can be attributable to growth in profits reported. Lafarge Africa was able to drive its revenue by 26.7per cent to N90.61billion in Q1 2022 from N71.47billion reported in Q1 2021 as the cost of sales grew by 40.27per cent to N48.4 billion in Q1 2022 from N40.27billion reported in Q1 2021.
The CEO of Lafarge Africa, Khaled El Dokani in a statement said: “Our Q1 2022 performance shows significant improvement over Q1 2021, with net sales of +26.8per cent, recurring EBIT of +50.4% and net income of +92.2%.
“Coming after our very strong FY 2021 results, our Q1 2022 performance confirms the continued growth trajectory of our business.
“We are equally pleased with the progress we are making on sustainability; our use of affordable clean energy and agro-ecology footprint are in accordance with our net zero pledge journey.”
