Lafarge Africa PLC - Restructured to solidify earnings
​WAPCO's consolidated FY’15 revenue increased marginally 2% y/y to N267.2 billion despite security challenges which disrupted production at ASHAKCEM, technical challenges and flood at UNICEM, and price pressure in Nigeria cement market in Q4. FY’15 PAT was however down 20% y/y to N27.0 billion following one-off expenses (group restructuring cost and FX losses in UNICEM) totaling N14.6 billion. If we strip out UNICEM’s numbers and adjust for one-off expenses, group proforma revenue rose 3% y/y to N212.9 billion, 4% ahead of our estimate whilst PAT rose 11% y/y to N41.6 billion, 11% ahead of our estimate. The Board of Directors proposed a dividend of N3.00/share (FY’14: N3.60) on this result and a bonus share of 1-for-10. Â
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