WAPCO records 26% profit increase in first 9 months
Published by Katherine Guenioui,
Editor
World Cement,
Lafarge WAPCO Cement Nigeria has recorded an increase in pretax profits of 26% for the first nine months of the year. The company reported pretax profits of N20.66 billion (~US$130 million) and revenues of N74.27 billion, up from N69.84 billion on the same period of 2012.
In 3Q13, sales grew 6% y/y to N24.8 billion and pretax profit was up 65% y/y at N6.9 billion thanks to improved gross margin at 39.9%. This made up for the 71% increase in OPEX to N2.3 billion. The expanded gross margin is somewhat inflated by the fact that in 3Q12 the company undertook maintenance activities for around 3 weeks, during which time the company also incurred additional costs for imported clinker.
Profit after tax soared 188% thanks to lower tax rates, landing at N5.874 billion in 3Q13.
Edited from various sources by Katherine Gu
Read the article online at: https://www.worldcement.com/africa-middle-east/29102013/wapco_records_26_percent_profit_increase_in_first_9_months_351/
You might also like
Cemex to divest its operations in the Philippines
Cemex has announced that its subsidiary, Cemex Asia B.V., has signed an agreement with DACON Corporation, DMCI Holdings, Inc. and Semirara Mining & Power Corporation for the sale of its operations and assets in the Philippines.
