News Column

Lafarge WAPCO Grows First Quarter Profit By 34 Percent

May 5, 2014

Goddy Egene



As companies continue to announce their financial results for the first quarter (Q1) ended March, 31, 2014, Lafarge Cement WAPCO Nigeria Plc has reported a profit after tax growth of 34 per cent for the period.

The company recorded a PAT of N8.1 billion, up from N6.1 billion in the corresponding period of 2013.

Details of the results showed that Lafarge WAPCO recorded revenue of N27 billion, indicating an increase of 16 per cent from the N23 billion posted in the corresponding period of 2013.

The high cost of doing business, shot up cost of sales, administrative and other expenses. Specifically, cost of sales rose by 17 per cent from N13.2 billion to N15.5 billion, while administrative and distribution expenses recorded a higher jump of 22 per cent from N1.9 billion to N2.3 billion.

Operating income rose 15 per cent to N9.385 billion, from N8.2 billion, while investment income soared by 168 per cent from N96 million to N259 million.

The company was able to reduce financial charges by 22 per cent from N982 million to N764 million. Lafarge WAPCO ended the period with Profit before tax of N8.6 billion, up by 20 per cent from N7.2 billion.

However, PAT rose by 34 per cent from N6.1 billion to N8.1 billion on the back of lower tax charges for the period. The company reduced its tax payment by 58 per cent from N1.123 billion in Q1 of 2013 to N472 million in Q1 of 2014.

The company ended the period with an earnings per share of 271 compared with 204 kobo in 2013.

Commenting on the results, the Managing Director and Chief Executive Officer, Lafarge WAPCO, Mr. 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."

Speaking in the same vein, the Chief Financial Officer of the company, Anders Kristiansson, said: "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."

Caption: Lafarge WAPCO Lafarge WAPCO Grows First Quarter Profit by 34% Goddy Egene

As companies continue to announce their financial results for the first quarter (Q1) ended March, 31, 2014, Lafarge Cement WAPCO Nigeria Plc has reported a profit after tax growth of 34 per cent for the period.

The company recorded a PAT of N8.1 billion, up from N6.1 billion in the corresponding period of 2013.

Details of the results showed that Lafarge WAPCO recorded revenue of N27 billion, indicating an increase of 16 per cent from the N23 billion posted in the corresponding period of 2013.

The high cost of doing business, shot up cost of sales, administrative and other expenses. Specifically, cost of sales rose by 17 per cent from N13.2 billion to N15.5 billion, while administrative and distribution expenses recorded a higher jump of 22 per cent from N1.9 billion to N2.3 billion.

Operating income rose 15 per cent to N9.385 billion, from N8.2 billion, while investment income soared by 168 per cent from N96 million to N259 million.

The company was able to reduce financial charges by 22 per cent from N982 million to N764 million. Lafarge WAPCO ended the period with Profit before tax of N8.6 billion, up by 20 per cent from N7.2 billion.

However, PAT rose by 34 per cent from N6.1 billion to N8.1 billion on the back of lower tax charges for the period. The company reduced its tax payment by 58 per cent from N1.123 billion in Q1 of 2013 to N472 million in Q1 of 2014.

The company ended the period with an earnings per share of 271 compared with 204 kobo in 2013.

Commenting on the results, the Managing Director and Chief Executive Officer, Lafarge WAPCO, Mr. 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."

Speaking in the same vein, the Chief Financial Officer of the company, Anders Kristiansson, said: "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."


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Source: AllAfrica


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