One of the major manufacturers of cement in Nigeria, Lafarge WAPCO Nigeria plc has announced an income before tax of N8.6billion compared to N7.2billion recorded in Q1 2013- a 20% increase.
In a statement released by the company, profit after tax increased by 34% to N8.1billion for the first quarter of 2014. Another positive result recorded by the company for the period includes a 16% surge in revenue to N27.0billion compared to N23.2billion in first quarter of 2013.
The company also disclosed that earnings before interest taxes, depreciation and amortization EBITDA increased by 12 %to N10.4billion compared to N9.3billion for the same period in 2013. “Q1 EBITDA margin of 39% increase by two %points versus the 2013 average level of 37%” the statement reads.
Investors basic earnings per share also experienced a growth of 34 %from 202 kobo in Q1 2013 to 271kobo in the period under review. While the Net Finance Cost reduced from N980million to N760million compared to the same period in 2013 due to lower interest charges following the full repayment of the Naira syndicated bank loans.
In his remarks, the chief financial officer, Andres Kristainsson stated that “Lafarge Cement WAPCO further strengthened its financial position during the last quarter and remains committed to delivering value to our shareholders and other stakeholders in 2014”.
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This article was first published on 7th May 2014