Q3 and 9M 2024 Performance Overview
Lolu Alade-Akinyemi, CEO of Lafarge Africa, commented, ” We achieved strong top-line growth of 101% and 66% in Q3 and 9M, respectively. PAT improved on the back of operational efficiency amidst heightened cost pressure. Our performance was driven by strong output due to improved plant stability, enhancement in our supply chain operations and our cost management initiatives.”
Our strategic initiatives contributed significantly to our results despite macroeconomic challenges. We remain committed to our innovation drive and green growth acceleration, in line with our sustainability ambitions, while also delivering value to our stakeholders.
I would like to thank our esteemed customers, employees and all other stakeholders of Lafarge Africa for their commitment despite the macroeconomic headwinds being experienced in the industry.”
Business Update
Product Launch
Lafarge Africa unveiled Water-shield Cement in Q1 2024; the product continues to make good strides in the market. This product has started to redefine industry standards, offering a solution previously unseen in construction materials. Lafarge Water-shield Cement prevents water from permeating into buildings, thus ensuring the durability of the structure. This can be used for new structures and for remedial works where rust marks or seepage is evident on the building.
Lafarge Africa will launch a new product this month, named Supa whyte, a Gypsum plaster (POP) product, to further extend its range of products in the building Solutions applications. The product is set to improve versatility in design, allowing a wide range of decorative designs.
Decarbonization And Innovation
Lafarge Africa launched its first ECOPlanet cement in Q3 2024 to strengthen its commitment to a greener planet. The product is expected to further reduce its carbon footprint in the industry. Lafarge Africa is also set to introduce CALCINED CLAY, a low carbon raw material, into its cement manufacturing process, which will in turn reduce its CO2 emission and carbon footprint.
Outlook
The Nigerian Infrastructure and Construction Sector is expected to continue to grow despite inflationary pressure on purchasing power. As a result, we maintain our positive outlook, with market recovery expected in Q4 2024. We will continue to maximize volume opportunities across our markets and actively manage our costs. We remain committed to our sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery of stakeholder value.