Lafarge Africa 1Q revenue rises 15% YoY

Lafarge Africa Plc reported revenue of NGN57bn (US$286.36m) in the first quarter of this year, 15 per cent higher than the corresponding period of 2014. Profit after tax was NGN8.6bn and NGN14.6bn of cash was generated from operations.

In his statement, the Chairman, Board of Directors, Chief Olusegun Osunkeye CON, OFR, said: "our Company has delivered a good performance in spite of the general elections and market uncertainty. We remain highly committed to delivering a strong result in 2015 in line with our ultimate objective of improving value to our shareholders".

Lafarge Africa ownership stake in Ashaka Cement has increased to 82.46 per cent from 58.61 per cent. Final regulatory approval is expected in the coming weeks, the company added.

The Nigerian ReadyMix business expanded in the quarter to commence aggregate business in Nigeria.