Lafarge Africa has announced a profit after minimum tax of N17.2 billion for the year ended December 31, 2019.
According to the audited financial results published on the Nigeria Stock Exchange website, the PAT is compared to the loss of N1.5 billion recorded in 2018.
The company posted revenue of N213 billion as compared to N217 billion recorded in 2018 and the cost of sales also increased to N157 billion as against 150.7 billion reported during the comparable period in 2018.
The results also showed that administrative expenses also reduced to N17.6 billion from N24.9 billion in 2018.
Commenting on the results, Khaled El Dokani, who newly assumed office as the company CEO, said: “Our turnaround and cost-reduction strategy in FY 2019 and the divestment of the South African business, have 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.
“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.”
The company also announced the donation of three of its facilities as isolation centres adding that the donation would include including generators, ambulances and critical personal protection equipment (PPE) for frontline workers.