Cement maker, Lafarge Africa Plc, has declared a Profit After Tax of N115.104 billion for Full Year 2019 relative to a Loss After Tax of N8.802 billion posted in the same period of 2018
The dramatic recovery was largely buoyed by the proceeds from its discontinued operations, which boosted last year’s profit by N99.587 billion.
“On 24th May 2019, the Board of Lafarge Africa Plc approved the disposal of the Company’s investment in Lafarge South Africa Holdings (Pty) Limited (LSAH) effective 31 July 2019 via a sale of the total equity interest held by the Company in LSAH to Caricement B.V., a related party within the LafargeHolcim Group,” a statement from KPMG, the company’s auditor, reads.
The comprehensive account of the company’s financial results in the period under review is contained in Lafarge Africa Plc Annual Report 31 December 2019, posted on the Nigerian Stock Exchange (NSE) website on Monday.
Revenue fell marginally by 2.21%, moving from N217.813 billion at FY2018 to N212.999 billion in the corresponding period of last year.
Profit Before Minimum Tax from Continuing Operations stood at N17.892 billion up from a loss position of N1.510 billion at FY2018.
Profit After Tax from Continuing Operations soared to N15.518 billion from N8.097 billion, implying a 91.7% growth.
Despite a drop in Lafarge’s Revenue, Cost of Sales rose by N6.346 billion from the FY2018 figure to N157.049 billion, meaning the company spent 4.2% more on its direct cost of doing business last year.
Earnings Per Share from both continuing operations and discontinued operations swung from a negative (N1.05) at FY2018 to N7.15 in FY2019.
Lafarge’s Total Equity surged by 156.9%, climbing up from N134.236 billion at FY2018 to N344.914 billion in the same period last year.
A member of the LafargeHolcim Group – the world’s biggest building and concrete solutions company – Lafarge Africa’s outstanding shares currently totals 16.108 billion.
Following the impressive result, the Lafarge board is proposing a dividend payment of N1 per share subject to shareholders’ endorsement at its forthcoming Annual General Meeting.
Those seeking to benefit from this reward will need to invest in the company’s stock on or before the qualification date, 30th April 2020.
Lafarge opened trade on the floor of the NSE today at N8.95 per share.