By Modupe Gbadeyanka
Notable cement maker in Nigeria, Lafarge Africa Plc, says its profit for the year 2016 declined by 38 percent.
In its financial statements for the year ended December 31, 2016, released to the Nigerian Stock Exchange (NSE) on Wednesday, March 22, 2017, the firm posted a profit after tax of N16.9 billion in contrast to N27.2 billion it achieved in 2015.
In the results analysed by Business Post, it was observed that the company’s profit before tax stood at N22.8 billion compared with N29.3 billion in 2015.
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In the year under review, Lafarge Africa Plc paid a total of NN39.7 billion as tax in contrast to N2.1 billion it paid in 2015.
Our correspondent further reports that the company closed 2016 with a turnover of N219.7 billion against N267.2 billion it ended the year 2015 with.
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Furthermore, its cost of sales for 2016 depreciated to N179 billion compared with N184.6 billion recorded in 2015.
In the financial statements, Lafarge posted an operating loss of N10.9 billion in contrast to N34 billion profit it recorded in 2015.
