Lafarge Africa’s quarterly profit surges 837%, shooting stock price to 52-week high
Lafarge Africa delivered in the first quarter a post-tax profit more than eight times what it reported in the same period of last year, an epic result, leaving the cement maker just a breath away from its net profit for the whole of 2023.
The spur was a jump in sales by 80.3 per cent which the company, whose products also comprise concrete, mortar and aggregates, said in a statement on Thursday was itself driven by higher output.
The manufacturer cited a considerable stability in naira, its reporting currency, as a factor for the much-improved bottom line, unlike in the preceding year when a volatility in exchange rate hammered profit in some way. No significant FX losses were reported this time around, the company…
