Lafarge Africa Plc says it paid off an N11.9bn bond, which it raised in 2011 to refinance the Lakatabu 2.5 million ton capacity expansion, on October 10, 2014.

The company has also released its result for the third quarter of 2014, announcing a 130 per cent growth in revenue.

The result for the nine months to September 30, 2014 shows that the cement and building material manufacturer generated a net income of N31.5bn in the review period, representing an 84 per cent increase year-on-year.

The company said in a statement, which was made available to our correspondent on Wednesday, that the net income increased by 23 per cent on a like for like basis, reflecting the underlying momentum of the business.

It added that the third quarter profit stood at N10.07bn and that the group posted a cash position of N49.2bn in the period.

Furthermore, Lafarge Africa said, “After tax profit from continuing operations was N32bn, which represents an operational increase of 23 per cent, when adjusting 2013 for the one-off profit of N22bn arising from the disposal of Pan African Cement Limited in South Africa and N3.2bn prior year tax credit in 2013.

“Overall year-to-date profit increased by 84 per cent versus the actual profit posted last year, after adjusting for one-offs.”

Lafarge Africa, formerly known as Lafarge Cement Wapco Nigeria Plc, is a combination of all Lafarge’s Nigerian operations – Ashakacem Plc, United Cement Company Limited, Atlas Cement Company Limited- and its South African assets in order to create a stronger platform for growth in Sub-Saharan Africa, with value creating opportunities.

The Chairman, Board of Directors, Lafarge Africa, Chief Olusegun Osunkeye, was quoted as saying the result – the first to be published by the company since its creation in September — was solid. “This is a testimony to the soundness of the transaction and business,” he said.

According to the Group Managing Director and Chief Executive Officer, Lafarge Africa Plc, Mr. Guillaume Roux, the performance demonstrates the company’s commitment to operational excellence.

He added, “We will continue to leverage the opportunities provided by our combined operations to provide a differentiated product suite with a wider reach within our markets.”

The company explained that it was optimistic about the future and would continue to expand its operations and spread through the provision of innovative and quality building materials products designed to meet the specific and differentiated needs of its customers.

It also said it would continue to leverage on the strength and pedigree of Lafarge Group, a world leader in building materials.

Punch