Giant building material manufacturer, Lafarge Africa Plc, has posted a profit after tax of N29 billion for the nine months ended September 31, 2015, compared with N31 billion recorded in the corresponding of 2014.
According to the company, Ashaka Cement’s figures were affected by the unrest in the northern region during the start of the year. However, the company stated that Ashaka has since returned to normal operations.
It added that industrial performance was strong, with stable plant operations across the board.
However, the volume slow down impacted the profit, with after tax (PAT) profit from consolidated operations declining by 67 per cent to N3.5 billion in the quarter.
Lafarge Africa said United Cement, which was included on an equity basis, brought the PAT to N3.3 billion.
“Unicem’s operational performance was strong, but an unrealised exchange loss was reflected in the P&L as its foreign currency denominated borrowings, were slightly revaluated with the Naira movements. Cash flow from operations was robust at the end of the 9 Months period, at N36.7 billion,” the company said.
Lafarge Africa concluded the second tranche of the acquisition of Four Mills of Nigeria 15 per cent stake in Unicem.