The three cement manufacturing firms listed on the Nigerian Alternate Restricted improved their incomes by 30.65 per cent to N3.07tn in 2023.
The monetary statements of Dangote Cement, BUA Cement and Lafarge Africa for 2023 confirmed a income of N2.35tn for the earlier 12 months.
Dangote Cement introduced within the highest quantity of income at N 2.21tn, boosting the figures for the trade.
BUA Cement noticed its income enhance to N459bn from N360bn in 2022 and Lafarge Africa’s income rose to N405bn from N373bn.
Within the interval underneath evaluate, the revenue after tax of BUA Cement declined by 31.24 per cent to N69.45bn from N101.01bn within the earlier 12 months.
Lafarge Africa’s post-tax revenue dipped by 4.7 per cent to N51.14bn, as a result of depreciation of the naira.
Additionally, the corporate recorded a better efficient tax charge in 2023 following the expiry of the pioneer standing incentive in 2022.
Nonetheless, Dangote Cement bucked the decline pattern as its PAT appreciated by 19.17 per cent to N455.58bn from N382.31bn within the earlier monetary 12 months.
It additionally paid the best quantity of dividends to its traders at N511.22bn greater than N340.81bn paid in 2022.
BUA Cement adopted with N67.72bn dividend, decrease than N94.82bn a 12 months earlier whereas Lafarge Africa had proposed N30.60bn dividend, decrease than it paid N32.22bn in 2022.
In response to Lafarge in its outlook for 2024, the Nigerian infrastructure and building sector is predicted to proceed rising regardless of inflationary stress and foreign money depreciation affecting the economic system.
“In consequence, we preserve our constructive outlook, anticipating elevated demand in 2024 because the economic system picks up. We are going to proceed to maximise quantity alternatives throughout our markets and actively handle our prices. The Firm stays dedicated to its sustainability ambitions and technique of ‘Accelerating Inexperienced Progress’ by means of revolutionary constructing options and delivering stakeholder worth,” the corporate stated.
The Chief Government Officer of Lafarge Africa, Lolu Alade-Akinyemi, lamented the influence of the naira devaluation on enterprise.
He famous, “Within the face of very materials FX devaluation losses and better efficient tax charge, revenue after tax declined YoY by 4.7 per cent. Our efficiency was largely impacted by spiralling inflation and unprecedented naira devaluation, with the attendant stress on vitality and provide chain prices.
“Regardless of these challenges, we proceed to keep up a robust free money circulation place and a robust stability sheet, positioning us for sustainable development over the medium to long run.”
In his feedback, the CEO of BUA Cement, Yusuf Binji, blamed the foreign exchange challenges within the nation for the agency’s challenges.
Binji stated, “Clearly, the working atmosphere in 2023 was difficult, given the totally different headwinds confronted with initially of the 12 months and particularly with the devaluation of the naira. In the course of the 12 months, we launched the maiden version of the BUA Cement Scratch and Win promo, amongst different initiatives, which noticed BUA Cement additional enhance, its share of the market and resulted in a 27.4 per cent rise in revenues to N460bn from N361bn within the prior 12 months.
In response to BUA Cement’s Chief Monetary Officer, Jacques Piekarski, the agency’s monetary efficiency in 2023 was resilient given the financial atmosphere, led by the devaluation of the naira.
“However regardless of the reported overseas trade loss, EBITDA elevated by 9.6 per cent to N169.3bn from N154.5bn in 2022. We’re assured concerning the enterprise, along with the evolving technique to thrive,” he averred.
