Lafarge Zimbabwe bullish on year ahead

Lafarge Cement Zimbabwe reported a 19 per cent increase in turnover of ZWD$49.7m (US$0.14m) in  2011 driven by rising local demand.

Pretax profit was up 35 per cent to ZWD5m from ZWD3.7m the year before while net profit rose from ZWD3.5m from ZWD2.7m in 2010. Total cement sales for the year advanced by four per cent.

Lafarge Zimbabwe chairperson, Muchadeyi Masunda said he remains bullish about the Zimbabwe economy which is expected to continue growing with increased activity in mining, construction and infrastructure development. Commenting on the results he said: “The year ended December 31 was characterised by a liquidity crisis resulting in low cement uptake." However, he continued: "cement demand for individual home projects increased as people focused on improving and building residential houses."

“Prospects for further growth in domestic demand for cement remain strong,” Masunda added. (Source: Newsday).