Lafarge Africa revenue was up 26.7% in the first quarter of 2022, however, despite improved turnover, production cost burdened the company’s earnings between January to March this year.
The company, in its 2022 Q1 Financial Statements released on Thursday to the capital market authority, Nigerian Exchange Limited (NGX), said it generated N90.60 billion during the quarter.
Its turnover surpassed the N71.47 billion it generated within January to March last year – reflecting 26.7% increase, after spending N48.43 billion to produce its product, having spent N40.27 billion in Q1 2021.
The 20% hike in production expenses slowed operating profit which was put at N22.11 billion for the first three months of this year, against the N14.70 billion reported for the same period last year.
Lafarge Cement ended the period under review with N17.55 billion profit after tax, in surpassing the N9.13 billion it recorded during the corresponding period of Q1 2021.
Commenting on the financial statements, Lafarge Africa CEO, Khaled El Dokani, said, “Our Q1 2022 performance shows significant improvement over Q1 2021, with net sales of +26.8%, recurring EBIT of +50.4% and net income of +92.2%. Coming after our very strong FY 2021 results, our Q1 2022 performance confirms the continued growth trajectory of our business.”
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