Lafarge Africa Plc has delivered a net sales growth of 27.3 percent in its full year audited 2022 results.
The company, in its audited results for the year ended December 31, 2022, released on the Nigerian Exchange (NGX), showed the net sales went up to N373.2billion from N293.086 billion in 2021 and an EBIT growth of 29.3 percent versus preceding year 2021.
Cost of Sales grew by 17.62 per cent to N177.023 billion from N150.506 billion, while gross profit rose by 37.62 per cent to N196.222 billion compared to N142.581 in 2021.
Net income went up by 5.2 per cent amid robust free cash flow of N71.9 billion. Lafarge Africa strengthened its balance sheet with a net cash position of N81.8 billion.
Though its net income was constrained by foreign exchange translation impact, Lafarge Africa said it will continue to focus on health and safety; and accelerate its sustainability initiatives.
The company’ net profit stood at N53.647 billion as against N51.004 billion recorded in 2021, while basic earnings per share rose to N3.33 from N3.17. The company proposed a final dividend of N2.00 per share higher than N1.00 per share declared in 2021.
Speaking on the results, CEO of Lafarge Africa, Khaled El Dokani said:“in 2022, we recorded 27.3 percent and 29.3 per cent improvement in net sales and recurring EBIT respectively, compared to full year 2021 results. The worsening exchange rate situation led to revaluation losses, thereby constraining our net income growth to 5.2 per cent.”
“We remain committed to our sustainability ambitions by utilizing affordable clean energy in our operations and optimizing our green logistics strategy; among other initiatives that are in alignment with our net zero pledge journey,” he added.
On the 2023 outlook, Lafarge Africa said: “it expects good demand momentum in 2023, albeit moderated due to the impact of the general elections. It plans to continue to maximize volume opportunities across their markets and actively manage their costs.
“Listed on the Premium Board of the Nigerian Exchange Group, Lafarge Africa is actively participating in the urbanisation and economic growth of Nigeria, the largest economy in Africa. In 2023, it expects to consolidate its efforts on sustainability.”
Source: Leadership Newspaper