Lafarge Africa Plc (WAPCO) delivered an impressive performance in 2021FY raking in a total revenue of NGN293.08bn (vs NGN230.57bn in 2020). This represents a growth of 27.11% YoY and beats our expectation by 16.46%. This performance also reflected growth across all business segments; cement (+26.06%), aggregates and concretes (+77.66%), and sale of mortar (+231.06%). A combination of volume growth and price increment were the tailwinds to revenue growth. While local cement demand continues to support volume growth, the inflationary
environment necessitated an upward price revision by 19.20% in a bid to preserve margins.
