Lafarge Africa Plc has reported a remarkable 53% surge in profit after tax, reaching N60.08 billion in the first nine months of 2024, compared to N39.31 billion during the same period last year. This significant growth reflects the company’s successful operational efficiency and strategic innovations amidst rising costs.
In its unaudited financial statements for the period ending September 30, 2024, submitted to the Nigerian Exchange Limited, Lafarge disclosed that net sales climbed an impressive 66% year-on-year, hitting N479.49 billion, up from N289.08 billion in 2023.
Chief Executive Officer Lolu Alade-Akinyemi attributed the profit and revenue growth to improvements in plant stability, robust supply chain management, and effective cost control strategies. He said, “We achieved strong top-line growth of 101% in Q3 and 66% in the first nine months. Despite economic headwinds, our operational efficiency has driven profit growth, reflecting our commitment to delivering value for our stakeholders.”
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In line with its commitment to sustainability and innovation, Lafarge Africa launched Water-shield Cement in Q1 2024, designed to prevent water penetration in buildings and enhance structural durability. The company also introduced ECOPlanet Cement in Q3 2024, a product crafted to reduce its carbon footprint, aligning with Lafarge’s “Accelerating Green Growth” strategy.
Continuing its green innovation drive, Lafarge Africa is preparing to incorporate Calcined Clay, a low-carbon material, into its cement production to further minimize CO2 emissions and meet sustainability goals.
Despite inflationary pressures, Lafarge Africa remains optimistic about growth in Nigeria’s infrastructure and construction sectors. “We anticipate market recovery in Q4 2024 and will continue to seize volume opportunities and manage costs effectively,” the company said. “Our focus remains on sustainable growth, driven by innovative building solutions that deliver long-term value.” the statement added.
