Lafarge Africa Plc has reported its FY14 results, including an operational profit after tax of N37 billion, up 8% y/y on a like-for-like basis. The operations of UNICEM were included on an equity basis in 4Q14.
Consolidated revenues were flat y/y at N206 billion. Nigerian operations grew 8%, which offset the market challenges in South Africa. EBITDA was similarly stable, at N55.3 billion compared to N55.7 billion in 2013. EBITDA in Nigeria grew by 16%. Lafarge Africa Plc expects cement demand to grow in Nigeria and South Africa this year.
Lafarge Africa Plc, formerly known as Lafarge Cement Wapco Nigeria Plc, is a combination of all Lafarge's Nigerian operations - (AshakaCem Plc, UNICEM, Atlas Cement Company Limited) and Lafarge South African Holdings Limited assets in order to create a stronger platform for growth in Sub-Saharan Africa, with value creating opportunities. The transaction to merge these entities was concluded in September 2014.
Lafarge’s bid to purchase Flour Mills of Nigeria’s 30% investment in UNICEM via Nigerian Cement Holdings is underway, with the first phase (15%) successfully completed. The Mandatory Tender Offer (MTO) to all shareholders of AshakaCem Plc is also in the final stages of regulatory approval.
Mr. Guillaume Roux, CEO of Lafarge Africa Plc, commented: ‘our company has shown impressive performance; our business combination plans have been well executed within set timelines. We are committed to improving operational performance by leveraging on opportunities this presents to us to deliver sustainable returns to our shareholders'.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/16032015/lafarge-africa-plc-reports-fy14-results-520/