Lafarge (Wapco) Cement Plc records profit of NGN17.55bn in 1Q22

Nigeria’s third-largest cement producer, Lafarge (Wapco) Cement Plc, has released its 1Q22 unaudited results reporting a profit of NGN17.55bn (US$42.2m) during the period, representing 92.2 per cent YoY increase. Revenue growth for the period reached 26.8 per cent YoY.

Sales of cement increased by 26 per ent achieving sales of NGN87.99bn, and sales of aggregates and concrete grew by 62.29 per cent, generating NGN2.52bn during the period. Mortar sales also increased by 60.41 per cent to add revenues of NGN98.94m.

Commenting on the company’s 1Q22 performance, the CEO of Lafarge Africa, Khaled El Dokani, said, “Our 1Q22 performance shows significant improvement over 1Q21, with net sales of +26.8 per cent, recurring EBIT of 50.4 per cent and net income of 92.2 per cent.”