Lafarge Africa revenue declines by 2.2% to N212.9bn

Lafarge Africa Plc has reported 2.2 per cent a decline in revenue to N212.99 billionfor the period ended December 31, 2019,as against N217.8 billion recorded in 2018.

Although, the cement producing company Profit After Tax (PAT) grew to N115.1 billion for 2019, compared to a loss of N8.8 billion declared in 2018 financial year. Even as it proposed dividend of N1.00 per share for the period under review.

Commenting, the CCEO of Lafarge Africa, Khaled El Dokani, in a statement stated, “Our turnaround and cost-reduction strategy in FY 2019 and the divestment of the South African business has delivered strong results.

“The decrease in net debt has significantly strengthened our balance sheet and has placed us in a vantage position to face the future.”

Speaking on the outlook, he said, “As the Coronavirus (COVID-19) pandemic now impacts Nigeria, Lafarge Africa has taken the necessary measures to protect the health of its employees, customers, suppliers and other stakeholders.

“The construction sector and construction sites are generally more resilient than other sectors and Lafarge Africa has a strengthened balance sheet and is well equipped to weather the storm.

“However, we are closely monitoring the evolving situation and the impact of the COVID-19 pandemic on the Nigerian market.

“The Nigerian cement industry growth momentum is expected to slow down in FY 2020 compared to 2019 on the back of the COVID-19 pandemic and the challenging global macro-economic environment.

“We have launched an action plan “HEALTH, COST & CASH” and will continue to focus on the implementation of our cost optimisation initiatives during this period to minimise the impact on the business.”