July 23, 2025/InvestmentOne Report

Lafarge Africa Plc delivered an impressive 74.91% YoY increase in revenue to NGN516.98bn in H1:2025. The stellar sales performance was driven by volume expansion, following the introduction of Ground Calcium Carbonate (GCC) in Q1:2025 and the successful launch of ECOPlanet cement in the Western market in Q2:2025 complementing the earlier launch of the product in the Eastern market in 2024. In addition, upward price adjustments and improved plant stability also contributed meaningfully to revenue expansion.

The impressive performance largely mirrors Lafarge Plc s dedication to value creation and its continuous rollout of innovative products. We still believe that the group remains well-position for continued growth underpinned on its enhanced operational efficiencies. Additionally, the company s deleveraging strategy, anticipated foreign exchange stability, and the prospect of monetary policy easing later in the year present supportive macroeconomic tailwinds. However, considering the current valuation and market dynamics, we place a NEUTRAL rating on WAPCO.

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