Lafarge Africa: profits dip

Lafarge Africa Plc on Thursday reported 19.53 per cent drop in its profit for the financial year ended Dec. 31, 2015.

The company posted a profit of N26.99 billion during the period under review compared with N33.54 billion declared in the corresponding period of 2014, according to its audited result released by the Nigerian Stock Exchange (NSE) in Lagos.

Similarly, the bank’s profit before tax dipped by 27.48 per cent to N29.27 billion from N40.36 billion recorded in the corresponding period of 2014.

The company will pay shareholders a dividend of N3 per share, notwithstanding the southward trends of the profit level.

Its revenue however appreciated to N267.234 billion against N260.81 billion in 2014, an increase of 2.46 per cent.

The company’s result showed that gross profit dropped to N82.53 billion from N83.03 billion recorded in the previous year.

However, its total non-current assets stood at N379.14 billion from N343.73 billion, while non-current assets rose to N364.39 billion from N331.26 billion in 2014.

Similarly, its total assets grew to N453.01 billion from N415.95 billion in the comparative period of 2014.

The firm’s total current liabilities increased to N89.39 billion from N75.72 billion recorded in the previous year.