Lafarge Africa Plc (WAPCO) has released its second quarter result for the period ended June 30, 2024, reporting a 17.9% year-on-year growth in earnings per share (EPS) to NGN1.50.

The unaudited result shows that the company’s revenue grew by 49.1% year-on-year, driven by improved sales volume and price increases across all product segments, including cement, aggregates, and other products.

Despite challenges posed by foreign exchange fluctuations and inflationary pressures, WAPCO’s gross margins declined by 372 basis points year-on-year to 56.0%.

Operating expenses increased by 28.6% year-on-year, largely due to inflationary pressures, impacting EBITDA margin, which declined by 8 basis points year-on-year to 34.5%.

However, the company’s pre-tax profit increased by 15.7% year-on-year to NGN37.92 billion, while profit after tax advanced by 17.9% year-on-year to NGN24.16 billion.