Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NIGERIAN STOCK EXCHANGE,THE  >  LAFARGE AFRICA PLC.    WAPCO   NGWAPCO00002

LAFARGE AFRICA PLC. (WAPCO)
My previous session
Most popular
  Report  
SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsTweets
OFFRE

Lafarge Africa : Shareholders Approve N100bn Bond Issuance

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/17/2018 | 06:49am CEST

Goddy Egene

Shareholders of Lafarge Plc yesterday at the annual general meeting (AGM) in Lagos approved plans by the company to issue a N100 billion bond later in 2018.

The proceeds of the bond would be used to refinance the company’s debts and it is coming after the company raised N131.6 billion through Rights Issue last year.

Chairman of the Lafarge Africa Plc, Mr. Mobolaji Balogun said the company had a debt of $600 billion in 2016.

“In order to address the impact on the business, $300 million was hedged via non-deliverable forward FX contracts provided by the Central Bank of Nigeria,” he said.

He said hence, the company raised N131.6 billion from a rights issue, which was subscribed by 100 percent to finance part of the debts.

Balogun said the N100 billion will be used to refinance already existing debts.

“The proposal this year is to refinance some of that debt. We cannot continue to sit on a large concentration of dollar-denominated debts and therefore, we need to refinance.”

Meanwhile, he has explained that the dividend of N13 billion recommended by the board for 2017 financial was in appreciation of the support shown by the shareholders so far and a worthy return on their investments.

“The board of directors is mindful of the support of all our shareholders through the difficult but necessary journey to transform the company into a more agile and correctly financed business ready to benefit from the potential opportunities in Nigerian building materials (market).”

He also assured shareholders that restructuring of the capital structure of the company largely completed through the past year would help to significantly reduce the cost of financing and currency translation risk.

According to him, the company is implementing a new route-to-market initiative aimed at supporting the anticipated growth in demand as the country gradually recovers from recession and as foreign exchange rates stabilise.

Also speaking at the AGM, the Country Chief Executive Officer, Lafarge Africa Plc, Michel Puchercos expressed optimism about the performance of the company in the current year.

“Improvement plans in Nigeria delivered strong operational performance while turnaround actions will be consolidated further in 2018 through energy optimisation as well as commercial and logistic improvement,” Puchercos said.

The Lafarge Africa CEO is optimistic that favourable pricing in Nigeria coupled with gains from logistic and commercial initiatives would sustain market share.

“The target is to significantly build Earnings before interest tax, depreciation and amortisation (EBITDA) margins. The South Africa economy is expected to grow in 2018 which should impact on our South Africa operations. Our turnaround plan in South Africa which is focused on cost containment, commercial transformation and industrial stabilisation is expected to return our SA business to profitability,” he added.

(c) 2018 THISDAY NEWSPAPERS LTD. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LAFARGE AFRICA PLC.
07:34aLAFARGE AFRICA : Shareholders Approve N90bn Rights Issue
AQ
07:29aLAFARGE AFRICA : SUBEB Lauds Lafarge Africa for Intervention in Literacy
AQ
09/19LAFARGE AFRICA : Flags off National Literacy Competition
AQ
09/17LAFARGE AFRICA : Analysts Blame Lafarge Africa's Dwindling Financial Fortune On ..
AQ
09/17LAFARGE AFRICA : Analysts blame Lafarge Africa’s dwindling financial fortu..
AQ
09/13LAFARGE AFRICA : UBEC endorses Lafarge Africa National Literacy Competition
AQ
09/12LAFARGE AFRICA : Boost Reading, Writing Culture Among Children
AQ
08/29LAFARGE AFRICA : to create 10b new shares
AQ
08/28Cement, healthcare companies to raise N240b new capital
AQ
08/28Cement, healthcare companies to raise N240b new capital
AQ
More news
Financials (NGN)
Sales 2018 323 B
EBIT 2018 33 739 M
Net income 2018 1 219 M
Debt 2018 255 B
Yield 2018 2,50%
P/E ratio 2018 160,71
P/E ratio 2019 17,18
EV / Sales 2018 1,40x
EV / Sales 2019 1,26x
Capitalization 195 B
Chart LAFARGE AFRICA PLC.
Duration : Period :
LAFARGE AFRICA PLC. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Average target price 41,0  NGN
Spread / Average Target 82%
EPS Revisions
Managers
NameTitle
Michel Puchercos Chief Executive Officer, MD & Director
Mobolaji Oludamilola Balogun Chairman
Bruno Bayet Group Chief Financial Officer
Guillaume Roux Vice Chairman
Oludewa Edodo-Thorpe Director
Sector and Competitors
1st jan.Capitalization (M$)
LAFARGE AFRICA PLC.-50.84%542
LAFARGEHOLCIM-16.94%28 858
ANHUI CONCH CEMENT COMPANY24.21%28 844
DANGOTE CEMENT PLC-10.87%9 941
SHREE CEMENT LIMITED-5.76%8 215
CHINA RESOURCES CEMENT HOLDINGS LIMITED74.08%8 043