Lafarge Nigeria Plc reported sales of N405.5 billion for last year, an 8.6% increase over the N373.2 billion reported for the same time in 2022.

The NGX-listed company posted a profit after tax of N51.1 billion, down from N53.6 billion a year earlier, amid a reported FX loss of N21 billion during the year.

According to the company’s 2023 financial statement, which was made available on the Nigerian Exchange Limited (NGX), its operating profit increased by 21.7 percent to N102.5 billion from N84.2 billion in 2022.

However, due to pressure from foreign exchange (FX) losses and a higher effective tax rate following the expiration of its pioneer status incentive in 2022, its profit after tax (PAT) decreased by 4.7% to N51.14 billion from N53.65 billion.

The CEO of Lafarge Nigeria Plc, Lolu Alade-Akinyemi stated that the company’s foundation was still solid. “We increased the top line by 8.6% and the operating margin from 22.6% to 25.3% in the full year 2023, despite very difficult macroeconomic headwinds. Due to significant FX devaluation losses and an increased effective tax rate, profit after tax decreased by 4.7% year over year. “

Spiral inflation and the extraordinary devaluation of the Naira, along with the resulting pressure on energy and supply chain costs, had a significant effect on our performance.

“We are positioned for sustainable growth over the medium to long term by maintaining a strong balance sheet and strong free cash flow position despite these challenges. “As we have in the past, we are dedicated to providing sustainable value to all stakeholders in the years to come.” He added

He further stated that despite pressure from inflation and the economy being impacted by currency devaluation, the Nigerian infrastructure and construction sector is projected to keep expanding.