Lafarge Africa Plc, a leading cement manufacturing company listed on the Nigerian Exchange Limited (NGX), has announced a remarkable 96% increase in profit after tax (PAT) for the financial year ended December 31, 2024. The company reported a PAT of N100.15 billion, up from N51.11 billion in 2023, reflecting its strong operational performance and strategic cost management.
Financial Highlights
Profit Before Tax (PBT): N152.52 billion, a 89% increase from N80.7 billion in 2023.
Net Sales: N696.76 billion, representing a 72% growth from N405.5 billion in 2023.
Proposed Dividend: A final dividend of 120 kobo per share, amounting to N19.3 billion, subject to shareholder approval at the Annual General Meeting (AGM) scheduled for April 2025.
CEO’s Statement
Lolu Alade-Akinyemi, Chief Executive Officer of Lafarge Africa, attributed the company’s stellar performance to its strong market positioning, operational efficiency, and commitment to sustainability.
“I am excited to report our record-breaking revenue of N697 billion and PAT of N100 billion for the full year 2024, a testament to our strong market positioning, operational efficiency, cost management, and dedication to value creation,” Alade-Akinyemi said.
He acknowledged the challenging business environment but emphasized the company’s resilience and focus on innovation and green growth. “Despite macroeconomic headwinds, we have remained resilient, leveraging innovation and green growth in line with our sustainability ambitions, while also delivering value to our stakeholders.”
Alade-Akinyemi also expressed gratitude to customers, employees, and stakeholders for their unwavering support.
Positive Outlook for 2025
Lafarge Africa remains optimistic about the future, projecting continued growth in the Nigerian infrastructure and construction sector despite inflationary pressures.
“The Nigerian Infrastructure and Construction Sector is expected to continue to grow despite inflationary pressure on purchasing power. As a result, we maintain our positive outlook for 2025, with market recovery expected to continue at a similar growth rate to 2024,” the company stated.
Commitment to Sustainability
Lafarge Africa reiterated its commitment to environmental sustainability and innovation, aiming to strengthen its leadership position in offering eco-friendly building solutions.
The company’s focus on green growth aligns with its long-term profitability goals and its dedication to creating value for stakeholders.
Shareholder Reward
The proposed dividend of 120 kobo per share, totaling N19.3 billion, reflects Lafarge Africa’s commitment to rewarding its shareholders. This represents an increase from the N1.90 dividend payout in 2023, underscoring the company’s strong financial performance and confidence in its future prospects.