Lafarge Africa plc, part of Holcim, has reported a 72 per cent advance in revenue in 2024, which surged to NGN696.8bn (US$464.8bn) from NGN405.5bn in 2023 as higher sales volumes and improved pricing strategy had a positive effect on sales.
The company's gross profit improved by 69 per cent to NGN346.7bn from NGN206.7bn in 2023 as the company managed production costs and enhanced its efficiency. Nevertheless, selling and production costs were up by 54 per cent YoY to NGN120.4bn while administrative expenses increased to NGN40.1bn from NGN27.6bn in 2023.
Operating profit advanced by 89 per cent YoY to NGN193bn from NGN102bn in 2023 but finance costs increased by 64 per cent to NGN42.5bn as higher interest rates and borrowing costs affected these.
However, despite higher levels of expenses, profit before tax expanded by 93 per cent YoY to NGN152.3bn in 2024 from NGN78.8bn. Income tax expense rose by 89 per cent to NGN52.1 per cent from NGN27.6bn in the previous year, resulting in a profit after tax of NGN100.1bn in 2024, up 96 per cent YoY from NGN51.1bn.
