Concerns over global oil demand drive prices down 3%
By Aduragbemi Omiyale
Lafarge Africa Plc Chairman, Mr. Adebode Adefioye, said improved real estate investment by the private sector as well as increased public spending on infrastructure contributed to the significant increase in volume growth of the company. business last year.
According to him, the cement business benefited from these improved market conditions with growth in volumes and prices, with net sales increasing by 27.1% to N293.1 billion compared to the previous financial year. and a 65.4% increase in profit after tax to N51. billion.
Speaking at the company’s 63rd Annual General Meeting (AGM) in Lagos, he said: “The positive impact of increasing net sales, moderating cost of sales, selling, distribution and administrative expenses amid inflation and devaluation pressures resulted in improved margins recorded for the year.”
He revealed that apart from the macro-economic conditions, the team has also put in place strategies to take advantage of the growing demand for cement across the country.
“Through effective governance frameworks, reviews, and monitoring and evaluation, we embed a culture of ownership, ethics and corporate responsibility in our operations.
“We also continue to seek out and leverage strategic partnerships that help maintain value and positively impact our stakeholder groups.
“We offer thought leadership initiatives to strengthen our voice and position as a leading company in Nigeria committed to Environment, Social and Governance (ESG),” he said.
Mr. Adefioye said Lafarge Africa’s impressive performance in the 2021 financial year resulted in the payment of the N2 full dividend to shareholders for their confidence in the business.
This was corroborated by the CEO of Lafarge Afrique, Mr. Khaled El Dokani, who stated that “our 2021 result was a record and the PAT was also the best reported profit in a decade.
“Our revenue was primarily driven by volume growth, as well as the price improvement we saw throughout the year, both of which contributed to our revenue improvement. compared to last year.”
“In 2021, the demand for cement was quite good, I think the country has shown extreme commitment to infrastructure development at all levels,” he said, noting that “our journey has been one of resilience, integrity and innovation, as we strive to meet the needs of our customers while adapting to changing economic situations and growing demand for sustainable industry practices. I sincerely thank the entire Lafarge Afrique team for their contribution to these successful results.