Lafarge Africa Plc records 4.7% loss

Date:

March 1, 2024.

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Azonuchechi Chukwu.

Lafarge Africa Plc says its Profit After Tax(PAT) for the 2023 financial year declined by 4.7 per cent.

Mr Lolu Alade-Akinyemi, Chief Executive Officer, Lafarge, disclosed this in a notification sent to the Nigerian Exchange Ltd. (NGX) on Thursday in Lagos.

Alade-Akinyemi said that the company’s PAT dropped from N53.647 billion recorded in 2022 to N51,141 billion in 2023.

He explained that higher effective tax rate in 2023 after expiry of Pioneer Status Incentive in 2022, coupled with pressures from foreign exchange losses, led to the downward performance.

The Lafarge boss stated that the firm’s performance was largely impacted by spiralling inflation and unprecedented Naira devaluation, with the attendant pressure on energy and supply chain costs.

“In the face of very material FX devaluation losses and higher effective tax rate, our PAT declined Year-on-Year by 4.7 per cent.

“Despite these challenges, we continue to maintain a strong free cash flow position and a strong balance sheet, positioning us for sustainable growth over the medium to long term.

“We are committed to delivering  sustainable value to all stakeholders in the coming years, as we have done historically,” he said.

According to him, the company, however, maintained a strong balance sheet position for the year under review with a free cash flow of N109.7 billion and net cash of N142 billion.

Alade-Akinyemi further said that the firm’s Profit Before Tax (PBT) went up by 15.7 per cent Year-on-Year in spite of N21 billion Foreign Exchange losses in 2023.

He noted that the fundamentals of the company’s business remain strong.

The CEO added that in spite of extremely challenging macroeconomic head winds, Lafarge grew its top line by 8.6 per cent.

He said the company also improved its operating margin from 22.6 per cent to 25.3 per cent in the 2023 financial year.

Alade-Akinyemi thanked all the employees and stakeholders of Lafarge Africa for their commitment over the years. (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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