Lafarge reports 17.4% pre-tax profit in Q3, 2023 

Lafarge Africa Plc reported a profit before tax of N5.84 billion in Q3 2023, marking a year-on-year decline of 17.4% from the corresponding quarter in 2022.  

The group recorded a revenue of N91.4 billion in the quarter under review, representing a 9.77% increase from the corresponding quarter in 2022. This modified the group’s revenue for the nine months ending September 30, 2023, to N289.1 billion.  

Key Highlights Q3 2023 vs Q3 2022 

• Revenue: N91.40 billion, +9.77% YoY 
• Cost of sales (production): N46.73 billion, +4.87% YoY  
• Gross profit: N44.67 billion, +15.41% YoY 
• Selling and distribution costs: N20.56 billion, -17.77% YoY 
• Administrative expenses: N7.16 billion, +23.96% YoY  
• Operating profit: N17.06 billion, +113.07% YoY 
• Net finance cost: N11.22 billion, +1094.68% YoY  
• Profit before tax: N5.84 billion, -17.37% YoY  
• Profit after tax: N3.83 billion, -48.9% YoY  
• Basic earnings per share: N0.24, -47.83% YoY 
• Total assets: N643.60 billion, +7.14% YTD  

More Insights  

Despite recording a 15% increase in gross profit, the company recorded a significant pre-tax profit. It is linked to the over 1000% surge year-on-year in the company’s net finance costs during the quarter.  

In the nine-month period ending September 30, 2023, the company recorded a profit before tax of N61.16 billion, marking a 13.36% increase year-on-year from the corresponding period last year.

However, the company recorded a profit after tax of N39.30 billion, representing a year-on-year decline of 12.46% from the corresponding period last year.