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Lafarge Cement Wapco declares N27.7bn profit

By on March 23, 2014

Lafarge Cement WAPCO Nigeria Plc has announced a profit before tax of N27.7bn for the year ended December 31, 2013.

The amount represents a 30 per cent rise on the N21.3bn the cement manufacturer reported for the preceding year.

Similarly, the profit after tax was N28.2bn for the year ended December 31, 2013 compared to N14.7bn for the corresponding period in 2012, indicating a growth of 92 per cent in the period under review.

The firm also announced a 12 per cent rise in its profit, which rose from N87.9bn on December 31, 2012 to N98.8bn in the period under review.

It added, “Operating Income also increased to N31.6bn for the year ended December 31, 2013 compared to N26.7bn for the year ended December 31, 2012. An 18 per cent increase in the year under review.”

According to the company, the reduction of its net finance cost from N5.5bn to N3.8bn was as a result of the reduction in interest charges due to the full repayment of the naira syndicated bank loans.

Consequently, it said the basic earnings per share grew from 490 kobo to 942 kobo; a growth of 92 per cent in the year under review.

The Chairman, Board of Directors, Lafarge Cement, Chief Olusegun Osunkeye, was quoted as saying, “The result shows a steady growth and demonstrates the strength of the company in delivering value to shareholders and to other stakeholders.”

The company’s Managing Director and Chief Executive Officer, Mr. Joe Hudson, explained that the result was the outcome of a strong focus on performance culture.

He added, “The effective implementation of innovative and value adding solutions for customers had continued to differentiate Lafarge Cement WAPCO from competition”.

Also, the Finance Director, Lafarge Cement Wapco, Mr. Fred Amobi,said, “This is a very good performance and a reflection of careful execution of our various process/cost improvement strategies during the year. The cash management initiatives resulted in a very strong balance sheet”.He maintained that the company “remains positioned to deliver value on its promise to shareholders”.

[Punch]