By InvestAdvocate

Click here to download Lafarge Africa Plc 2016 audited year end report December 31, 2016

Lagos (INVESTADVOCATE)-Cement producer, Lafarge Africa Plc has recorded a loss before tax of N22.8 billion in the audited year ended December 31, 2016 compared to a profit before tax (PBT) of N29.3 billion recorded in 2015 end, the company said on Wednesday.

Profit after tax (PAT) of the company declined 38 percent to N16.9 billion from N27.2 billion recorded a year ago.

Turnover of the cement producer dropped from N267.2 billion in 2015 end to N219.7 billion in the review period of 2016; indicating a decline of 18 percent, Lafarge Africa said in a filing with the Nigerian Stock Exchange (NSE).

For the audited period ended 31 December 2016, the board of directors of the company proposed a dividend of 105 kobo compared to 300 kobo paid in 2015 end; representing a cut in dividend payout of 65 percent.