Lafarge WAPCO reports 26% rise in pretax profit

Lafarge WAPCO Cement Nigeria has recorded an increase in pretax profits of 26 per cent for the nine months to the end of September. The company reported pretax profits of NGN20.66bn (US$130m) and revenues of NGN74.27bn, up from NGN69.84bn compared to the same period of 2012.

Third quarter sales rose six per cent to NGN24.8bn and pretax profit was up 65 per cent YoY at NGN6.9bn thanks to improved gross margin at 39.9 per cent. In 3Q12 the company undertook maintenance activities for around three weeks, during which time the company also incurred additional costs for imported clinker. Profit after tax soared 188 per cent thanks to lower tax rates, landing at NGN5.874bn in 3Q13.