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By Omodele Adigun
By generating N81.8 billion as a Free Cash Flow in the first half of this year, the Balance Sheet size of Lafarge Africa has ballooned to a net cash of N140.6billion, the company has said.
In a statement announcing its results for the second quarter (Q2) of the year made available to Daily Sun at the weekend, its CEO. Lolu Alade-Akinyemi , expressed delight and appreciation to all employees and stakeholders for helping the company to make another quarter of strong results, despite the challenging economic environment. “We remain focused on delivering sustainable value to all stakeholders as the market recovers for the rest of the year,” he said.
Giving an overview of the results, Alade-Akinyemi said: “We achieved strong top-line growth of 10.3 per cent in Q2 and 5.9 in H1; Operating Profit growth of 13.3 per cent in
Q2 and 7.7 per cent in H1(half year), and Profit Before Tax improvement of 29 per cent in Q2 and 18 per cent in H1. Owing to the expiration of the Pioneer Status Incentive, Q2 Profit After Tax growth was a muted 3.2 per cent.
This is backed up by a strong Free Cash Flow position and healthy Balance Sheet. Healthy Balance Sheet with a Strong Net Cash of N140.6 billion; with H1 Free Cash Flow closing at N81.8 billion. The recent launch of our Eco label cement brand re-affirms our commitment to delivering superior value to our customers.
This new product has been certified to be eco-friendly with 30per cent lower carbon emission than the local industrial standard. Our strategic and cost management initiatives have contributed to improved results despite the challenges.”
We remain steadfast in our commitment to driving innovation and accelerating green growth in line with our sustainability ambitions and targets.”
