Cement News tagged under: Lafarge Africa

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Lafarge Africa narrows loss to NGN8.8bn in 2018

21 June 2019, Published under Cement News

Lafarge Africa reported a NGN8.8bn (US$24.4m) loss in 2018, compared with NGN34.39bn in the previous year. The company’s audited results have been released, showing revenue of NGN308bn, up from NGN299bn in 2017. Finance costs increased to NGN45.973bn from NGN43.217bn, while loss before tax reached at NGN19.508bn. A tax credit of NGN10.707bn reduced the loss after tax to NGN8.802bn. Lafarge will sell its entire stock of issued share capital in Lafarge South Afria Holding Ltd to Caricement ...

Lafarge Africa posts 5% net sales increase

18 October 2018, Published under Cement News

Lafarge Africa has recorded a five per cent increase in net sales for the 3Q18 period, rising to NGN72bn (US$198.3m) from NGN68.8bn. In the 9M18, net sales again advanced five per cent to NGN234bn. The positive performance in the third quarter was mainly driven by strong volume growth in Nigeria and favourable pricing trends in South Africa, according to the company. EBITDA for the 3Q18 was up 96 per cent YoY as a result of an improved performance in South Africa, while it fell eight per c...

Lafarge Africa receives shareholder approval for NGN90bn rights issue

27 September 2018, Published under Cement News

Lafarge Africa has received shareholder approval to raise NGN90bn (US$246.93m) of capital through a rights issue and to restructure its short-term shareholder loan. “The additional capital to be raised will further help to deleverage the company’s balance sheet and provide head room for the expansion of our business,” said Mobolaji Balogun, chairman of the board, Lafarge Africa. Michel Puchercos, CEO, stated that the company’s refinancing plan is aimed at preparing for future developme...

Investors urged to finance Dangote and Lafarge Africa growth

04 June 2018, Published under Cement News

Following last month's approval of a NGN9.1trn (US$25bn) budget for 2018, Nigeria is set to go on a massive infrastructure spending spree. Eager to be at the forefront of cement supply, Dangote Cement and Lafarge Africa are urging foreign investors to get onboard. The budget is the nation's biggest-yet spending plan, says Bloomberg, with almost a third of it going into roads, rail, ports and power. Furthermore, with a major housing gap of 17m, which is expected to increase in line...

Investors urged to finance Dangote and Lafarge Africa growth

01 June 2018, Published under Cement News

Following last month's approval of a NGN9.1trn (US$25bn) budget for 2018, Nigeria is set to go on a massive infrastructure spending spree. Eager to be at the forefront of cement supply, Dangote Cement and Lafarge Africa are urging foreign investors to get onboard. The budget is the nation's biggest-yet spending plan, says Bloomberg, with almost a third of it going into roads, rail, ports and power. Furthermore, with a major housing gap of 17m, which is expected to increase in line with a...

Lafarge Africa to sell SA unit?

05 January 2018, Published under Cement News

Lafarge Africa could put up its South African unit for sale, according to analysts at Exotix Capital. Proceeds of the sale could then be used to strategically shore up and stabilise the company’s Nigerian business, kickstarting the region’s merger and acquisition activity. The South African cement sector has become increasingly competitive while in the rest of Africa, PPC, Lafarge, Dangote, Bamburi and Twiga Cement are seen consolidating their markets. In addition, Chinese investors have ...

Lafarge Africa to cut debt by US$270m

01 December 2017, Published under Cement News

Lafarge Africa will use some of the funds raised by a NGN131.6bn (US$415m) rights issue to cut debt by US$270m, as reported by Reuters. The company inherited US$507m in shareholder loans and US$88m of third-party foreign currency debt when it acquired UNICEM in 2015. This debt would expose Lafarge Africa to a foreign currency loss due to the sharp fall in value of the naira. However, the rights issue is expected to help reduce the debt by almost half. Lafarge Africa announced a pretax ...

Lafarge Africa buys out shareholders of Ashaka Cement

24 November 2017, Published under Cement News

Lafarge Africa has bought out the minority shareholders of Ashaka Cement and issued 85.26m shares as part of a share exchange agreement, reports The Nation. The Nigerian cement manufacturer will now become a wholly-owned subsidiary of Lafarge Africa. The voluntary delisting of Ashaka Cement from the Nigerian stock exchange and its subsequent consolidation by Lafarge Africa, will offer shareholders a more diverse revenue stream. Lafarge Africa acquired a majority stake in Ashaka after ...

Lafarge Africa receive shareholders endorsement for merger

15 November 2017, Published under Cement News

Lafarge Africa have received the shareholders endorsement for a merger with Unicem and Atlas Cement Company Ltd, according to Nigerian newspaper The Guardian. "The merger is part of the asset consolidation we began in June 2014. It will solidify our market position in Nigeria particularly our presence in the South-South and South-East regions," said Michel Pucherchos, CEO of Lafarge Africa. Unicem has a cement production capacity of 5Mta at its Mfamosing plant, whilst Atlas has a capaci...

Ashaka Cement approves Lafarge Africa's acquisition deal

31 October 2017, Published under Cement News

Shareholders of Ashaka Cement Plc have approved the complete acquisition of the company by Lafarge Africa, in a deal with a cash consideration of NGN604.092m (US$16.8m) and total value of NGN5.97bn. The shareholders of Ashaka Cement agreed to allow Lafarge increase its stake in the company from 86.51 per cent to 99.99 per cent. However, the deal is subject to approval by the regulatory authorities, said Ashaka Cement. Meanwhile, Ashaka Cement Plc's energy strategy has helped it gr...