Lafarge Africa shares surge over 31% in November following strong third-quarter results 

The rally comes after Lafarge Africa’s release of its third-quarter 2024 financial statement, which reported a 101% increase in net sales, growing from N91 billion in Q3 2023 to N183 billion in Q3 2024.

Lafarge Africa also reported a pre-tax profit of N47 billion, a significant 717% year-over-year increase from the N5 billion recorded in the same period last year, bringing its 9-month pre-tax profit to N94 billion.

Since the results were unveiled on October 29, 2024, bullish price action has driven the stock up by over 31%, pushing it past the N50 mark during early trading on November 19, 2024.

Lafarge Africa started the year at N31.50, riding the moderate bullish momentum from the previous year. By the end of January, it had climbed to N36 after briefly spiking to N51 before it closed lower.

As of the early hours of trading on November 19, the stock has soared an additional 20% week-to-date, with a market volume of 18 million shares, driving its year-to-date performance up by over 60%.

Lafarge Africa’s recent activities and performance offer some context to the rising bullish sentiment around its stock.

Lolu Alade-Akinyemi, CEO of Lafarge Africa, highlighted the company’s performance, stating, “We achieved strong top-line growth of 101% in Q3 and 66% for the nine months ended September 2024.”

He further added, “Profit after tax improved, driven by operational efficiency despite heightened cost pressures. Our results were supported by strong output from improved plant stability, enhancements in supply chain operations, and our ongoing cost management initiatives.”