Lafarge Africa Plc has unveiled its financial report for the year ending 31 December 2024, reporting a pre-tax profit of N152.2 billion.
This reflects a 93.27% year-over-year increase compared to the N78.7 billion reported in the prior year, amid a significant surge in revenue.
The group recorded a revenue increase of 71.83%, rising from N405.5 billion in the previous year to N696.7 billion in FY 2024.
Cement sales constituted 97% of the total revenue for the year, while Ready Mix and other products accounted for the remaining share.
Additionally, the group’s total assets increased to N990.5 billion, representing a 45.37% rise from the N681.3 billion reported for the full year of 2023.
Lafarge also declared a final dividend of 120 kobo per unit of 50 kobo ordinary share, subject to shareholders’ approval and appropriate withholding tax deduction.
This dividend will be payable to shareholders whose names are in the Register of Members as of the close of business on Friday, 28th March 2025.
Company comment:
Commenting on the results, CEO of Lafarge Africa, Lolu Alade-Akinyemi, stated, “I am excited to report our record-breaking revenue of 697bN and PAT of 100bN for full year 2024, a testament to our strong market positioning, operational efficiency, cost management and dedication to value creation.
Despite a challenging business environment, we have remained resilient, leveraging innovation and green growth in line with our sustainability ambitions, while also delivering value to our stakeholders.”
Other highlights and commentary
Conversely, the group experienced a sharp rise in the cost of sales, which increased by 76.09% year-over-year, reaching N350 billion.
Despite the higher cost of sales, Lafarge’s gross profit rose by 67.72% year-over-year, reaching N346.7 billion, an increase from N206.7 billion in 2023.
However, the company achieved remarkable growth in other income, which surged by 706.05% to N7.1 billion compared to N891.7 million in 2023.
Profits from core operations grew by 89.18% year-over-year, reaching N193 billion, up from N102 billion.
Despite these challenges, the group’s full-year pre-tax profit increased by 93.27% year-over-year, climbing to N152.2 billion, up from N78.7 billion reported in 2023.
Despite these challenges, the group’s full-year pre-tax profit increased by 93.27% year-over-year, climbing to N152.2 billion, up from N78.7 billion reported in 2023.
Lafarge Africa increased its total assets to a whooping N990.5 billion, reflecting a 45.37% rise from the previous year’s figure of N681.3 billion.
Non-current assets surged to N576.5 billion, up from N442.3 billion, with property, plant, and equipment representing the largest portion.
Current assets also expanded significantly, growing to N414 billion from N239 billion in the prior year.