Lafarge Africa posts 23% rise in revenue in 9M22

Lafarge Africa posts 23% rise in revenue in 9M22
01 November 2022

Nigeria-based Lafarge Africa has seen its net income expand by 11.2 per cent YoY to NGN44.9bn (US$102.1m) in the opening nine months of 2022. This compares to NGN40.39bn in the same period a year earlier, according to The Day Live. Revenue over the same period advanced by 23.1 per cent to NGN269.85bn, versus NGN219.2bn in the 9M21.

Revenue from cement sales alone came in at NGN261.4bn during the nine-month period this year, up 22.4 per cent on the same period in 2021. Sales from aggregates and concrete improved from NGN5.48bn in the 9M21 to NGN8bn a year later, while revenue from ‘other products’ expanded from NGN157.67m to NGN384.1m.

Commenting on the third quarter of 2022 alone, Khaled El Dokani, CEO of Lafarge Africa, said, “In 3Q22, our net sales improved by 12.2 per cent over 3Q21. The worsening exchange rate situation impacted our cost of sales, specifically key supplies indexed to the US dollar. This constrained our recurring EBIT growth. As a result, 3Q22 EBIT was 19.3 per cent lower than last year. Without the FX impact, our 3Q EBIT improved by eight per cent vs last year.”

Published under Cement News