Lafarge Cement WAPCO Nigeria Plc, a unit of Lafarge SA, posted a 2.8 per cent increase in nine-month net income to NGN5.8bn (US$36m) as revenue climbed, it said in a statement emailed by the Nigerian Stock Exchange today.
Revenue rose 35 pe rcent to NGN44.6bn, from NGN33bn over the same period a year earlier, according to the statement.
The growth outpaced expectations of a net loss in the period at Vetiva Capital Management, said Oluwakemi Oluwakiyesi, a Lagos-based analyst with the brokerage, in a note to clients today.
“The expected improvement in operating efficiency, especially from the commencement of operation at the new Lakatabu plant, was underestimated,” she said in the note. Lafarge Wapco may “surpass” a full-year pre-tax profit estimate of NGN9.8bn, Oluwakiyesi said.