By Nkiruka Nnorom

Lafarge Africa Plc has reported N51 billion Profit After Tax (PAT) for the year ended December 31, 2021, representing 65.4 percent increase compared to N30.84 billion posted in the corresponding year in 2021.

This is even as the company doubled its declared dividend to N2 per share from the amount paid last year.

Highlights of the company’s financial statement released at the Nigerian Exchange Limited (NGX) showed that its net sales was up 27.1 per cent to N293.09 billion from N230.57 billion in the previous year.

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Recurring Earning before Interest and Taxes (EBIT) rose by 42.6 percent to N65.11 billion from N45.67 billion.

Khaled El Dokani, CEO of Lafarge Africa, explained that the company strengthened its balance sheet with N26.8 billion net cash position. He noted that Lafarge Africa remained focused on health and safety and on accelerating its sustainability initiative.

He said: “Our 2021 performance showed significant Improvement with net sales of +27.1%, recurring EBIT of +42.6% and net income of +65.4%, compared to full year 2020 results. We are equally pleased with the progress we are making on sustainability; our use of affordable clean energy and agro-ecology footprint are in accordance with our net zero pledge journey”.

On the outlook, El Dokani said that good demand momentum is expected in 2022 in the cement sector, adding that the company would continue to maximize volume opportunities across its markets and actively manage costs while consolidating efforts on Sustainability.

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