Lafarge WAPCO posted a turnover of NGN22.6bn (US$143.7m) in the first quarter of 2012, up from NGN14.198bn YoY, representing growth of 59 per cent above the 2011 figures. Profit after tax soared by 151 per cent from NGN1.621bn to NGN4.071bn in 2012.
According to analysts at FBN Capital Ltd, the strong sales reflect a higher volume contribution from Lafarge Cement’s new Lakatabu plant, which they said had ramped up production after preliminary hitches in 4Q11.
“Management had disclosed that the plant did not fully begin operations until December 2011. We suspect that the company has stepped up its sales efforts, branching out from its core market in the southwest region to other parts of the country including the north, Niger-Delta and southeast,” FBN said. (ThisDayLive).