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Lafarge Africa Plc (WAPCO) has published its Q3-24 unaudited financials, reporting an impressive 703.0% year-on-year (y/y) surge in standalone EPS to NGN1.91.
This growth was driven by robust revenue expansion (+101.2% y/y) and a significant reduction in FX losses (-86.7% y/y).
Key Highlights:
– Revenue growth: +101.2% y/y, driven by cement (+104.0% y/y) and aggregates (+41.9% y/y) segments
– Gross margin decline: 326bps y/y to 52.9% due to elevated cost of sales
– EBITDA and EBIT margins expansion: 600bps y/y and 915bps y/y, respectively
– Net finance costs fell sharply by 69.1% y/y
– Q3-24 standalone PBT grew by 716.5% y/y to NGN47.69 billion
– Q3-24 PAT surged by 703.0% y/y to NGN30.72 billion
Outlook:
According to Cordros securities, WAPCO’s strong recovery from substantial FX losses is expected to continue, driven by sustained demand, new product lines, higher pricing, and reduced finance costs. YTD EPS has reached NGN3.73, surpassing 2023FY EPS of NGN3.17.
