LAFARGE AFRICA ACHIEVES RECORD SALES OF 697BN; PAT UP BY 96% TO CLOSE AT 100BN
• Net Sales: FY 2024 up 72% YoY benefiting from improved volume; Q4 2024 up 86% vs PY
• Operating Profit: FY 2024 up 89% YoY; Q4 2024 up 103% vs PY
• Operating Margin: FY 2024 28%, up from 25% PY; Q4 2024 31%, up from 28% PY
• Profit After Tax: FY 2024 up 96% YoY, driven by Topline growth; Q4 2024 up 263% vs PY
• Continued focus on Increased product range, Sustainability and Health & Safety
Lolu Alade-Akinyemi, CEO of Lafarge Africa, commented, "I am excited to report our record-breaking revenue of 697bN and PAT of 100bN for full year 2024, a testament to our strong market positioning, operational efficiency, cost management and dedication to value creation.
Despite a challenging business environment, we have remained resilient, leveraging innovation and green growth in line with our sustainability ambitions, while also delivering value to our stakeholders.
Lafarge Africa Plc remains committed to strengthening its leadership position in offering environmental friendly building solutions, while driving long-term profitability.
I would like to thank our esteemed customers, employees and all other stakeholders of Lafarge Africa for their commitment despite the macroeconomic headwinds being experienced in the industry."
BUSINESS UPDATE
PRODUCT LAUNCH
Lafarge Africa unveiled Watershield Cement in Q1 2024; the product continues to make good strides in the market. This product has started to redefine industry standards, offering a solution previously unseen in construction materials. Lafarge Watershield Cement prevents water from permeating into buildings, thus ensuring the durability of the structure. This can be used for new structures and for remedial works where rust marks or seepage is evident on the building.
Lafarge Africa launched a new product in Q4 2024, named Supa whyte plaster of Paris (POP) product which further extends our range of products in the industry. The product is set to improve versatility in design, allowing a wide range of decorative solutions.
DECARBONIZATION AND INNOVATION
Lafarge Africa launched its first ECOPlanet cement in Q3 2024 to strengthen our commitment to a greener planet. Our new ECOPlanet product is expected to significantly reduce our carbon footprint in the industry.
Lafarge Africa introduced Calcined Clay in Q4 2024, a low carbon raw material, into its cement manufacturing process, which in turn further reduced our CO2 emission and carbon footprint.
OUTLOOK
The Nigerian Infrastructure and Construction Sector is expected to continue to grow despite inflationary pressure on purchasing power. As a result, we maintain our positive outlook for 2025, with market recovery expected to continue at similar growth with 2024. We will continue to maximize volume opportunities across our markets and actively manage our costs. We remain committed to our sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery of stakeholder value.
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Contact:
Adewunmi Alode (adewunmi.alode@lafarge.com )
Legal Director & Company Secretary
