The cement giant attributed the profit growth to the relative stability of the naira, which reduced foreign exchange losses that had significantly impacted its 2024 performance.

According to its latest financial results published on the Nigerian Exchange, Lafarge’s net sales surged by 75% to N516.98 billion from N295.58 billion in H1 2024.

The increase was driven by higher volumes supported by improved plant stability. Operating profit climbed 144% year-on-year to N192.27 billion.

Earnings per share also improved sharply, rising to N8.24kobo from N1.82kobo in H1 2024. The company announced a dividend payout of N83.8 billion during the period.

Total assets crossed the N1 trillion mark, while total liabilities rose to N473.4 billion.

Speaking on the strong performance, Lolu Alade-Akinyemi, CEO of Lafarge Africa, said:

“Following our impressive Q1 results, Q2 performance further showcases the strength of our team, market positioning, operational efficiency, cost management, and dedication to value creation.

“We achieved excellent financial results in Q2, with Net Sales growth of 70%, Operating Profit up 153%, and Profit After Tax of N84bn, up 248% vs prior year. With this strong Q2 result, we closed H1 with sales and operating profit growth of 75% and 144% respectively; driven by volume growth, operational excellence, innovative product offerings, and our proactive market initiatives.”

He added that the company remains focused on strategic priorities while leveraging innovation and green growth to sustain its performance.

Strategic Consultancy Limited, a Nigerian business and shareholder in Lafarge Africa, had sued the cement company over its intention to sell off 83.8 percent of the parent company’s shares in the Nigerian cement company.

During the 2001 and 2002 privatization processes, Lafarge, which is traded on the Nigerian stock exchange, purchased 83 percent of the total shares of three cement businesses controlled by the federal government.

The Swiss company, Holcim Group, which owns 83.81 percent of Lafarge Africa’s issued share capital, had restructured the company internally, the company had told the Security and Exchange Commission.

Strategic Consultancy had filed a lawsuit against Lafarge, Holcim Group, Nigerian Exchange Limited, and the Central Securities Clearing System in an attempt to halt the planned sale of Lafarge to the Chinese company, Huaxin Cement Limited on the following grounds:

• the sale was carried out covertly without giving Strategic Consultancy Limited and other minority shareholders the chance to purchase the shares;
• it was also done in violation of laws and regulations like the Companies & Allied Matters Act, 2020, the Securities & Exchange Act, and the Nigeria Investment Promotions Act on the rights of minority shareholders and the ban on dealings with unregistered foreign entities.

After hearing arguments from the plaintiff’s attorney, Dr. D.A. Awosika (SAN), the first defendant’s attorney, Babatunde Fagbohunlu (SAN), and the second defendant’s attorney, Uzoma Azikiwe (SAN), Justice Lewis Allagoa  in a ruling issued on Thursday, May 15,dismissed the defense team’s preliminary objection that the court lacked jurisdiction to consider the case. Justice Allagoa declared, “The motion of the first and second defendants objecting to the Court’s jurisdiction is hereby dismissed.”

Additionally, the judge mandated that the respondents’ claimed owners of the shares, Caricement BV, Netherlands, and Associated International Cements Ltd, England, be added as fifth and sixth defendants, respectively.

In the third decision, Justice Allagoa granted the prosecution’s request for permission to serve the two new parties in court outside of his jurisdiction.

“It is hereby ordered that the persons sought to be joined herein and hereby joined as prayed and leave to issue and serve the Originating Summons out of jurisdiction is hereby granted”, he ruled.

June 11, 2025 was thereafter fixed for the continuation of the proceedings.

This was revealed in its 2024 financial statement posted on the Nigerian Exchange.

Lafarge Africa Plc reported revenue of ₦696.7 billion for the financial year 2024, up from N405.5 billion in the previous year.

The company recorded significant improvement across key performance indicators, with operating profit rising by 89% to N193 billion from N102 billion; gross profit surged by 67.7% to N346.7 billion, up from N206.7 billion in 2023.

In addition, the company’s total assets rose to N990.5 billion, a 45% increase year-on-year. The total liabilities stood at N485.8 billion, from N246.3 billion in 2023.

The Board of Directors proposed a final dividend of 120 kobo per unit of 50 kobo ordinary shares, subject to approval by the shareholders and appropriate withholding tax deduction.

The proposed dividend will be paid to shareholders whose names are in the Register of Members at the close of business on Friday, March 28, 2025.

Furthermore, the company calls on shareholders who are yet to complete the e-dividend registration to do so.

In the same vein, shareholders with unclaimed dividends and share certificates should review the list of unclaimed dividends and shares certificates and contact the company registrar, Cardinal Stones Registrar Limited, for further assistance.

These communities include Akpabuyo, Akampa, Calabar Municipalities, and Ndupani Local government areas in Cross River State.

The initiative is themed: the “Empowering Women in Business” program, and it recognizes women’s immense potential in driving economic growth.

In his remarks at the event, Milad Hanan, Plant Manager of Lafarge Africa’s Mfamosing plant, highlighted the company’s commitment to gender equality and the vital role of women in the business sector.

“I am very proud of the women in our community who are taking the lead to drive businesses. They are playing a significant role and can potentially make a big impact not only in Calabar but across Nigeria,” he stated.

In the same vein, Bassey Inyang, the communications and public affairs manager, East, Lafarge Africa, explained that the program is part of the company’s sustainability initiatives aimed at women’s development, noting that the selected women are being equipped with necessary business management skills.

“We have provided financial literacy training and practical business management tools to those already in business, creating scenario-based learning experiences.”

Also speaking at the event, Mrs. Edema Irom, Commissioner for Women Affairs, Cross River State, commended Lafarge Africa for recognising women as key actors in the business sector. “Lafarge Africa has deemed it fit to empower women this time, rather than men or youth. Empowering women in business is one of the best things that can happen for women globally.”

Similarly, Mrs. Ada Charles, Special Adviser to the Governor on Community Relations, encouraged the beneficiaries to use the resources wisely to grow their businesses while commending Lafarge for the initiative.

“When you empower a woman, you empower a community and a nation. I am very grateful for what Lafarge has done today,” she said.

Community leaders also expressed their gratitude. The Clan Head of Kasuk Qua Clan, Ntiyo Patrick Agbo, said, “I want to thank God for this day and extend my gratitude to Lafarge. They have done so much for us before empowering us through academics, scholarships, water supply, and skills acquisition centres, all functioning well in my community.”

Also, Mr. Lawrence Bassey, Chairman of the Community Relations Committee (CRC), further emphasised the importance of responsible use of the grants.

“Today, we gather here thanks to Lafarge for empowering you. I implore you to use the cash grants responsibly and not for any activities that could bring trouble or attract negative attention to us or the CRC representatives who recommended you.”

Beneficiaries of the program expressed their appreciation and commitment to using the grants effectively. Glory Edet thanked Lafarge Africa for establishing their businesses, while Idara David acknowledged the valuable training provided.

Mmayen shared, “This program has been immensely beneficial to my business. I am confident it will help me improve my business position.”