Lafarge Africa Plc has reported a profit before tax of N5.84 billion in Q3 2023, marking a year-on-year decline of 17.4% from the corresponding quarter in 2022.
The group recorded a revenue of N91.4 billion in the quarter under review, representing a 9.77% increase from the corresponding quarter in 2022. This modified the group’s revenue for the nine months ending September 30, 2023, to N289.1 billion.
Despite recording a 15% increase in gross profit, the company recorded a significant pre-tax profit. It is linked to the over 1000% surge year-on-year in the company’s net finance costs during the quarter.
In the nine-month period ending September 30, 2023, the company recorded a profit before tax of N61.16 billion, marking a 13.36% increase year-on-year from the corresponding period last year.
However, the company recorded a profit after tax of N39.30 billion, representing a year-on-year decline of 12.46% from the corresponding period last year.