By NKIRUKA NNOROM

LAFARGE Cement WAPCO has announced profit after tax of N8.1 billion for its first quarter ending March 31, 2014. This represents 34 percent increase over N6.074 billion recorded in corresponding period in 2013.

Highlights of the financial statement filed with the Nigerian Stock Exchange, NSE, showed that the company’s profit before income tax increased by 20 percent to N8.6 billion compared to N7.2 billion reported in corresponding period in 2012.

Similarly, revenue increased by 16 percent to N27.0billion compared to N23.2billion in quarter one of 2013, while the earnings before interest, tax, depreciation and amortization, EBITDA, increased by 12 percent to N10.4billion compared to N9.3billion for same period in 2013.

Also, quarter one EBITDA margin of 39 percent increased by two percentage points as against the 2013 average level of 37 percent.

The net finance cost reduced from N980million to N760million due to lower interest charges following the full repayment of the Naira syndicated bank loans. Investment income simultaneously grew by N160million to N260million.

Commenting on the results, the Managing Director/Chief Executive Officer, Joe Hudson, said: “The good performance in the first quarter is a reflection of the increasing demand for our quality products and an outcome of the implementation of various volume and cost improvement strategies. We are especially pleased that the new line in Ewekoro continues to gain momentum and remain very optimistic about the rest of the year despite the challenging operating environment”. In his remarks, the Chief Financial Officer, Anders Kristiansson, stated that “Lafarge Cement WAPCO further strengthened its financial position during the last quarter and remains committed to delivering value to our shareholders and other stakeholders in 2014”.

Lafarge Cement WAPCO Nigeria Plc is a leading manufacturer and marketer of cement. A subsidiary of France-based Lafarge SA, the world leader in building materials, Lafarge WAPCO is a premium cement company with innovative drive to provide valued added products and services solutions in the building and construction industry.