28.2 C
Wednesday, March 29, 2023

Lafarge Africa 9M Net Income Up 11.2%, Weathers Increased Forex Costs

Must read

Listen now
- Advertisement -
- Advertisement -

Lafarge Africa Plc, a member of Holcim, a global leader in innovative and sustainable building solutions, has announced its 2022 3rd Quarter and 9 Months results.

Over the 9 Month period, Lafarge Africa delivered a net sales growth of 23.1% and an EBIT growth of 17.5% vs last year.

However, In Q3, Net sales grew by 12.2% while EBIT was down 19.3% vs last year but improved 8% on a Like-for Like before exchange rate impact on Cost of Sales.

Khaled El Dokani, CEO of Lafarge Africa, commented:

“In Q3 2022, our Net Sales improved by 12.2% over Q3 2021. The worsening exchange rate situation impacted our Cost of Sales, specifically key supplies indexed to the U.S dollar. This constrained our recurring EBIT growth. As a result, Q3 EBIT was 19.3% lower than last year. Without the FX impact, our Q3 EBIT improved by 8% vs last year. Our 9M 2022 results underscore the Company’s resilience, with 23.1% growth in Net Sales, 17.5% growth in EBIT and 11.2% growth in Net Income. We remain committed to our sustainability ambitions by utilizing affordable clean energy in our operations and optimizing our green logistics strategy; among other initiatives that are in alignment with our net zero pledge journey.’’

According to Dokani “stable demand is expected in Q4 2022 and we will continue to maximize volume opportunities across our markets and actively manage our costs through our efficiency initiatives.

Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company is a member of Holcim Limited, a world leader in building solutions accelerating our world’s green transformation. Listed on the Nigerian Stock Exchange, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.

Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.

Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Additional information is available on the web site at www.lafarge.com.ng.

- Advertisement -
- Advertisement -

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article