This Day (Lagos)

Nigeria: Lafarge WAPCO Grows Half-Year Profit By 162 Percent

The unaudited results of the company released on the floor of the Nigerian Stock Exchange (NSE), showed a profit before tax of N12.1 billion in 2012, up from N4.6 billion in 2011. Profit after tax rose from N3.194 billion to N8.8 billion.

The profit was recorded from a turnover of N45.9 billion in 2012, compared with N29.4 billion in the corresponding period of 2011, showing an increase of 56 per cent. Earnings per share also soared by 175 per cent from N1.06 to N2.92.

Explaining the performance, the Managing Director and Chief Executive Officer of Lafarge Cement WAPCO, Mr. Joe Hudson, the company had continued to optimise production from its new Ewekoro II Plant.

"In addition, these results demonstrate the impact of a number of internal process improvements and cost efficiency initiatives. Our new subsidiary, Lafarge ReadyMix Limited has started to operate profitably. We will continue to provide innovative products and services to our valued customers and consumers as we believe that this is the best way to maintain our heritage, touch the society where we operate and provide good returns to our shareholders," Hudson said.

Speaking in the same vein, the Finance Director of the company, Mr. Fred Amobi: "Through various internal improvements and cost reduction initiatives, we have kept fixed cost growth below 50 per cent of inflation rate. The operating margin has doubled from 16 per cent (during the same period in 2011) to 32 per cent in 2012, a reflection of higher volumes and improved cost management," Amobi said.

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