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Profit Decline Caused By Exchange Revaluation Impacts – Lafarge Africa

Listed cement giant, Lafarge Africa says the 20% decline in its 2015 net profit was due to the stripping of one-off items and exchange revaluation … Continue reading Profit Decline Caused By Exchange Revaluation Impacts – Lafarge Africa


Lafarge

Lafarge AfricaListed cement giant, Lafarge Africa says the 20% decline in its 2015 net profit was due to the stripping of one-off items and exchange revaluation impacts.

In a statement released at the weekend, the company noted its consolidated revenue was up to 267 billion Naira in 2015 in a challenging market, while cash flow was seen at 57.9 billion Naira.

Lafarge Africa’s CEO, Mr Peter Hoddinott, believes 2016 will deliver significant upsides, as new cement and power generation capacities come on stream with benefits from the 2015 merger flowing into its Nigeria unit.

Lafarge is forecasting that the Nigerian market will record significant growth this year on strong individual home building segment.

The company had earlier announced a disappointing profit decline of about seven billion Naira, for the 2015 financial year.

In a statement released to the stock exchange on Thursday, the cement giant reported a net profit of 26.9 billion Naira down from 33.5 billion reported in the 2014 full year period.