Lafarge net profit rises, Nigeria

Lafarge net profit rises, Nigeria
Published: 25 May 2011

Lafarge Cement WAPCO Nigeria has recorded a net profit after tax of NGN4.88bn (US$31m) for the year ended December 31, 2010.

The cement company the sum of NGN750.4m to its as dividend payouts to its shareholders as dividend payout for last year, representing an increase of 150% on the dividend paid on 2009 result.

Its turnover dropped by 3.8% compared to 2009 due to the prolonged wet rainy season, rise in inflation rate by 9.8% in 2009 to 11.8% in 2010, significant increase in prices of petroleum products and its effects on transport, energy and cost of service.

Announcing this at the 52nd Annual General Meeting of the company which held in Lagos weekend, its Chairman, Board of Directors, Chief Olusegun Osunkeye noted that the company has fully drawn the sum of NGN45.27bn Syndicated Multi-currency Medium Term loans arranged for its 2.2Mt Lakatabu cement expansion project at Ewekoro, Ogun State.