Lafarge Africa records sales increase in 2017

Lafarge Africa records sales increase in 2017
11 April 2018

A NGN33bn (US$105m) write-down on Lafarge Africa’s operations in South Africa and Nigeria resulted in a wider loss for 2017, according to Reuters.

The one-off impairment charge resulted in a pretax loss of NGN34.03bn, a 32.9 per cent fall from the loss of the previous year. However, the company’s chief financial officer, Bruno Bayet, said that he expected 2018 to bring growth and that Lafarge Africa’s sales rose 36 per cent last year.

"The operations in Nigeria are still very robust and we have maintained strong performance," said Mr Bayet.

A NGN12.5bn part of the impairment charge was for a road project in Calabar, Nigeria, which had taken too long to construct. The rest covered restructuring costs associated with merging its Nigerian operations, and its loss-making assets in South Africa.

Lafarge Africa board changes
Guillaume Roux, vice-chairman of the board, has resigned his position with effect from 6 April 2018. Alongside this, Dr Adebayo Jimoh and Alhaji Umaru Kwairanga, non-executive directors, have also tendered their resignation.

Sylvie Rochier, currently a non-executive director, has been appointed vice-chairman of the board with effect from 7 April 2018. Furthermore, Geraldine Picaud, Christof Hassig and Grant Earnshaw will become both non-executive directors and members of the board from the same date.

Published under Cement News