Lafarge’s Nigerian unit said first-half profit dropped because the West African nation’s second-biggest cement maker’s expenses increased as it prepares to open a new plant.
Lafarge Cement WAPCO Nigeria Plc (WAPCO)’s net income fell to NGN3.2bn from NGN4.01bn a year earlier, the Ewekoro, western Nigeria-based company, said in a statement on the Nigerian Stock Exchange’s website. Revenue for the period climbed to NGN29.5bn from NGN23bn, it said.
Meanwhile, the company has produced the first clinker from its new 2.5Mt, Ewekoro II, tagged ‘Lakatabu’. This = comes exactly one month after the company commissioned its 90MW power plant in Ewekoro. When fully operational, the Greenfield plant will double Lafarge’s domestic capacity from 2Mta to 4.5Mta.