Lafarge Cement Wapco Advances After Full-Year Profit Jumps 74%

Lafarge Cement Wapco Nigeria Plc (WAPCO), the West African country’s second-biggest producer of the building material by market value, rose after saying full-year profit jumped 74 percent and declaring a dividend.

The stock gained as much as 3.5 percent to 42 naira and traded at 41.06 naira by 12:28 p.m. in Lagos.

Net income surged to 8.51 billion naira ($397 million) in the 12 months through December, from 4.88 billion naira a year earlier, the company said in a statement on the website of the city’s stock exchange today. Sales advanced 43 percent to 62.5 billion naira. Lafarge Wapco will pay a dividend of 75 kobo per share on May 23, it said.

The company took 45 billion naira in loans to expand its plant in Ewekoro, western Nigeria. The new production line, which began production last September, is expected to double the company’s output to more than 4.5 million metric tons a year.

Wapco is a unit of Lafarge SA (LG), the world’s biggest cement maker.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net

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