COVID-19: Lafarge Revenue Drops By N3bn to N56.8bn

Lafarge Africa Plc, has said the company’s revenue witnessed a decline of N3bn from N59.87bn in the second quarter of last year to N56.84bn in the second quarter of this year.

This represents a decline of 5.1 percent in revenue during the one year period.

The company which is among the largest in Nigeria’s cement industry blamed the revenue drop on the negative impact of Covid- 19 pandemic.

Despite the impact on sales, the company posted a  strong improvement in profit after tax of N15.26bn, representing 60 per cent up from N9.3bn recorded in the second quarter of 2019.

Tax charged for the period also increased to N4bn from  N1.3bn recorded in the corresponding quarter of 2019.

According to Lafarge, during the six month period of the first half of 2020, revenue rose to N120.5bn from N117.89bn recorded in the H1 of 2019.

In the H1 of this year, Lafarge Profit after tax increased to N23.3bn from N15.8bn recorded in the first half of 2019.

The company further noted that its net financial debt fell by 59.4 per cent to N15bn by the end of the first half of 2020, from N37.1bn on December 31, 2019.