WAPCO Declares N8.1bn PAT in Q1 2020 Results,(SP:N10.70k)

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Lafarge Africa Plc released its Q1 2020 Unaudited results for the period ended March 31st, 2020.


Key Highlights

  • Revenue grew by 9.8% to N63.7bn from N58bn in the previous quarter.

  • Profit before tax grew by 104.5% to N9.4bn.

  • Profit after tax grew by 28% to N8.1bn. 

  • Net Assets also grew by 2.3% to N353bn from N345bn.

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Q1 performance ahead of last year's results

  • Priority on health and safety measures for employees, partners and communities

  • Net sales up +9.8% vs LY

  • Healthy balance sheet to weather the COVID-19 crisis. 


Performance Overview

 

 

 

Q1 2020

Q1 2019

 

Var. (±%)

Net sales (N'mn)1

63,696

58,016

9.8%

Recurring EBIT (N'mn)1

11,840

11,494

3.0%

Net income from continued operations (N'mn)

      8,067

       6,302

28.0%

Net income/(loss) from discontinued operations (N'mn)2

          -  

      (3,157)

 

Total net income

      8,067

       3,145

156.5%

EPS (N/share)1

          50

            39

28.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31-Mar-20

31-Dec-19

 

Var. (±%)

Gross debt (post-IFRS 16 (N'mn)

 

60,064

64,2133

 

-6.5%

Net financial debt (post-IFRS 16 (N'mn)

      39,175

37,1093

5.6%

 

1 From continuing operations (excludes Lafarge South Africa)

2 Net profit and loss from Lafarge South Africa

3 Position as at 31 December 2019

 

Khaled El Dokani, CCEO of Lafarge Africa stated: "I am proud of the plan Lafarge Africa has implemented to protect the health of our people while supporting our partners and communities. The first quarter results confirm that our turn around initiatives are effective and our strong balance sheet is mitigating the risks borne by the pandemic that has started hitting our country in March."


Outlook

COVID-19 impact on the 2020 results cannot be reasonably estimated at this stage, but long-term prospects remains positive.

 

The company expects that the public safety measures issued by the federal and state authorities in Nigeria and around the world will adversely affect the company’s results in Q2, 2020.  Despite short-term disruptions, Lafarge Africa Plc is however confident in the underlying resilience of its businesses and operating model as the company has developed robust cost and cash optimization initiatives. The Lafarge Africa’s strong balance sheet and reduced cost base will also help minimize the negative effects of the COVID-19 pandemic.

 

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