The cement maker/building solutions company, Lafarge Africa has unveiled its 2024 third quarter and nine months result ended September 30, 2024.
The company informed that its pre-tax profit grew by 71.7 per cent to N47.69 billion in third-quarter (Q3) to September 30, 2024 compared to N5.84 billion in Q3 of 2023, while in the nine months period, the company posted N94.326 billion from N61.156 billion, representing an improvement of 54 per cent.
Also in the review third quarter, Lafarge Africa operating profit was N51.169 billion from N17.064 billion in Q3.23, up by 200 per cent. The company’s profit after tax (PAT) in the review Q3 period rose by 703 per cent to N30.726 billion from N3.826 billion in Q3 2023.
Net sales for the period show an improvement of 101 per cent and 66 per cent, respectively, for Q3 nine nine months periods. It rose from N91.400 billion from Q3 20223 to N183.920 while it appreciated from N289.081 billion in nine months of 2023 to N79.496 in nine months of 2024.
Speaking on the performance, Lolu Alade-Akinyemi, CEO of Lafarge Africa, said, “We achieved strong top-line growth of 101% and 66% in Q3 and 9M, respectively. PAT improved on the back of operational efficiency amidst heightened cost pressure. Our performance was driven by strong output due to improved plant stability, enhancement in our supply chain operations and our cost management initiatives.
“Our strategic initiatives contributed significantly to our results despite macroeconomic challenges. We remain committed to our innovation drive and green growth acceleration, in line with our sustainability ambitions, while also delivering value to our stakeholders.
“I would like to thank our esteemed customers, employees and all other stakeholders of Lafarge Africa for their commitment despite the macroeconomic headwinds being experienced in the industry.”
In the first quarter of 2024, Lafarge Africa unveiled Water-shield Cement and the product has continued to make good strides in the market.
Daily Independent gathered that the product has started to redefine industry standards, offering a solution previously unseen in construction materials.
Lafarge Water-shield Cement prevents water from permeating into buildings, thus ensuring the durability of the structure. This can be used for new structures and for remedial works where rust marks or seepage is evident on the building.
Lafarge Africa is also planning to launch a new product this month, named Supa whyte, a Gypsum plaster (POP) product, to further extend its range of products in the building Solutions applications. The product is set to improve versatility in design, allowing a wide range of decorative designs.
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