Lafarge Africa says profit crashed to N3.9 billion in six months

Pix 1 :Group Managing Director, Lafarge, Mr. Michel Puchercos, CEO, Nigerian Stock Exchange, Mr. Oscar Onyeama; Chairman, United Bank for Africa, Mr. Tony Elumelu; Chairman Seplat, Dr. ABC Orjiakor; Chairman, Access Bank, Mrs. Mosun Belo-Olusoga; Chairman, Lafarge, Mr. Mobolaji Balogun; Group Managing Director, Access Bank, Mr. Herbert Wigwe; Group Managing Director, Seplat, Mr. Ojunekwu Augustine Avuru; and Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka, during the official ceremony to announce the migration of United Bank for Africa Plc and three other companies to the Premium Board of the Nigerian Stock Exchange on Monday

Nigeria’s second-largest cement maker, Lafarge Africa Plc sad its net profit for the first six months of the year fell to N3 billion.

The result showed a major decline given that the company reported a net profit of N19 billion last year.

It is a fact that Lafarge’s fortune had waned in the last 24 months.

Total revenue for the period rose N162 billion compared to N154 billion recorded same period last year.

Lafarge directly competes with Dangote Cement Plc, BUA and Ibeto in Africa’s largest economy.

Here are the key highlights of the reports:

The company reported revenue of ₦162.29 billion for the period ended June 2018 compared to ₦154.84 billion reported for the period ended June 2017. This represents a 5% increase for the comparative period in 2017.
Profit/Loss Before Tax

Loss before tax was ₦6.35 billion for the period ended June 2018 as against profit before tax of ₦18.16 billion reported for the period ended June 2017.
Profit/Loss After Tax

The company’s loss after tax for the half year ended 30th June 2018 was ₦3.9 billion as against profit after tax of ₦19.7 billion recorded in H1 2017.
Earnings/Loss Per Share

Lafarge also reported loss per share of 45 kobo for the period ended June 2018 as against earnings per share of 368 kobo reported for the comparative period in 2017.
Current Share Price

Lafarge Plc is currently trading at 29.30, down 9.85%

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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