Lafarge Africa Plc has said it recorded a sales revenue of N230.6bn in 2020. This shows 8.3 per cent revenue growth from 2019.
The company disclosed this in its 2020 Sustainability Report.
The company said, “Despite the tumultuous year 2020 was, we contributed to growth through innovation and dedication to the construction industry. Our net sales figure for the year was N230.6bn.”
The company added that its Earnings before Interest and Tax rose by 30.8 per cent to N45.7bn.
The cement firm said it was able to achieve the results by effectively implementing its production cost optimisation and that it improved operational efficiency.
It said, “Over N500m was saved on fuel costs as a result of our Geocycle function using a total of 71,029 tons of materials as an alternative fuel in our kilns.
“In line with our commitment to the health and safety of our people and the planet, we contributed a total amount of N500m towards the health and safety of our communities during the pandemic.”
The company added that its thermal substitution rate in Nigeria remained strong at 9.6 per cent through the use of biomass in its clinker production process.
The chairman of the company, Mr Adebode Adefioye, said, “Despite an unprecedented turn of events and a challenging year, Lafarge Africa was able to demonstrate resilience through the successful implementation of several initiatives such as our Health, Cost and Cash action plan.
“With health and safety being a core value of ours, the action plan has supported us in achieving our economic objectives, while prioritising the health and safety of our people, suppliers and communities as part of our mitigation strategies.
“As part of our efforts to support the fight against the pandemic, we committed a total of N500m towards the provision of relief materials for our people, including medical equipment, food items and essential items.
“We rallied together, shared these relief materials and conducted safety awareness sessions for community members in our host communities to ensure a curb in the spread of the virus.
“Our swift and decisive actions paved the way for the outstanding performance recorded in 2020, despite the challenges presented by the pandemic.”
The Chief Executive Officer of the company, Mr Khaled el-Dokani, said, “In 2020, we recorded some achievements in our Geocycle function.
“The team worked tirelessly in finding new materials that can be used as sources of power for our kilns. After extensive research, numerous conversations and finally, regulatory approval from the Department of Petroleum Resources, we forged an alliance with one of the major oil and gas companies to manage its waste incinerated ash from their oil fields in a sustainable manner.
“This partnership will guarantee a long-term availability of renewable materials in accordance with our circular economy model.”
He added that the company commissioned a new waste treatment and co-processing facility at Ewekoro which would further contribute towards its resource and overall operational efficiency and cost effectiveness.
– Punch