Lafarge Africa’s 2023 second-quarter results have shown that pre-tax profits rose by 29.02% year over year to a total of N32.787 billion.
According to The Times, in comparison to N46.879 billion during the same period last year, this increased the half-year pre-tax profits to N55.315 billion.
Pre-tax profit increased primarily as a result of rising finance income and falling finance costs.
In the second quarter, the business reported N1.912 billion in net foreign exchange profit and N1.239 billion in interest income from short-term fixed deposits and current accounts, both of which made major contributions to the finance income’s 2,201.32% year-over-year rise.
Additionally, the finance costs, which decreased as a result of the drop in borrowing rates and the absence of foreign exchange losses, also played a role. Interest on borrowing decreased by 67% YoY, and there was no foreign exchange loss as opposed to the N694 million recorded the year prior.
Key highlights: Q2 2023 vs. Q2 2022:
Revenue: N105.860 billion, +0.29% YoY
Cost of sales: N48.943 billion, +16.38% YoY
Gross Profit: N56.917 billion + 5.5% YoY
Administrative expenses: N5.490 billion, +2.49% YoY
Selling and Distribution expenses: N21.609 billion, -4.51% YoY
Operating profit of N30.046 billion (+3.32% YoY)
Finance Income: N3.152 billion + 2,201.32% YoY
Finance cost N411 million, -66.82% YoY.
Profit for the year was N20.497 billion (+3.25% YoY).
Earnings per share: N1.27 +3.25% YoY
Cash and cash equivalents: N179.243 billion + 51.39%.
Total Assets: N654.695 billion + 8.99%
