Lafarge Nigeria unit’s 2008 net profit up 29 per cent

Lafarge Nigeria unit’s 2008 net profit up 29 per cent
Published: 03 June 2009

Ashaka Cement Plc, a Nigerian unit of Lafarge, posted a 29 per cent rise in 2008 net profit to 2.07 billion naira ($14.11 million), the Nigerian Stock Exchange (NSE) said on Tuesday.

Gross earnings at Ashaka, located in Nigeria’s northeastern state of Gombe, climbed nearly 30 per cent to 21.37 billion naira, the firm’s audited full-year financials showed.

The fixed assets of Ashaka, one of three cement plants in Nigeria controlled by Lafarge, grew by over 49 per cent to 5.68 billion naira, while net assets rose 19 per cent to 12.79 billion naira.