Lafarge Africa narrows loss to NGN8.8bn in 2018

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 BV, a subsidiary of LafargeHolcim for US$316m with the proceeds expected from the sale to be used in reducing the company’s liabilities, which were of concern to its auditors, KPMG Professional Services. At the end of 2018, group’s current liabilities exceeded its current assets by NGN119.3bn while the company’s current liabilities exceeded its current assets by NGN114.2bn, according to This Day.