Lafarge Africa: Improvement in Net Profit despite COVID-19 impact

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  • Continuous focus on health and safety measures for employees, partners and communities
  • Net sales at N56.8bn (-5.1% vs LY)1
  • Our Health, Cost and Cash initiatives delivering results with Recurring EBIT up 29.7% vs LY
  • Strong improvement in net income (+60.0% vs LY)1
  • The strengthened balance sheet to weather the COVID-19 crisis

PERFORMANCE OVERVIEW

Group Quarter 2 and Half Year

Lafarge Africa: Improvement in Net Profit despite COVID-19 impact - Brand Spur

Khaled El Dokani, CEO of Lafarge Africa stated:

“Q2 results remained resilient with net sales of -5.1% and recurring EBIT +29.7%, compared to the prior-year period, despite the impact of the COVID-19 pandemic. The implementation of our “HEALTH, COST and CASH (HCC)” initiatives have delivered a considerable improvement in our performance.”

OUTLOOK

  • Despite the impact of COVID-19 pandemic in H1 2020, medium to long-term outlook remains positive.
  • With the gradual easing of the lockdown by the Federal Government, we will continue to focus on the business resilience to maintain a healthy balance sheet, while prioritising the health and wellbeing of our people, communities and other stakeholders.

Lafarge Africa Plc, a leading Sub-Saharan Africa building materials company is a subsidiary of LafargeHolcim, a world leader in building materials. Listed on the Nigerian Stock Exchange, Lafarge Africa is actively participating in the urbanisation and economic growth of Nigeria, the largest economy in Africa.

Read Also:  Lafarge commences export to Ghana, grows Q3 sales

Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.

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