Lafarge Africa Reports N8.6b Q1 Profit | Independent Newspapers Limited
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Lafarge Africa Reports N8.6b Q1 Profit

Posted: May 5, 2015 at 4:50 am   /   by   /   comments (0)

By Bamidele Ogunwusi



Lafarge Africa Plc, leading cement and building solutions provider, reports revenue of N57 billion in the first quarter ended March 31, 2015, which is 15 percent higher than the corresponding period of 2014. Profit after tax was N8.6 billion and N14.6 billion of cash was generated from operations.

The Nigerian ReadyMix business expanded in the quarter to commence aggregate business in Nigeria. This is a remarkable step for our business in achieving our objectives of delivering innovative and quality building solutions.

The board of directors of Lafarge Africa Plc granted approval for a Mandatory Tender Offer to all qualifying shareholders of Ashaka Cement Plc in 2014. Consequently, the Tender Offer is now concluded and regulatory approval has been obtained for the approval of the shares transferred.

Lafarge Africa ownership stake in Ashaka Cement has increased to 82.46% from 58.61%. We expect final regulatory approval in the coming weeks.

In his statement, the Chairman, Board of Directors, Chief Olusegun Osunkeye CON, OFR, said “our Company has delivered a good performance in spite of the general elections and market uncertainty. We remain highly committed to delivering a strong result in 2015 in line with our ultimate objective of improving value to our shareholders”.