Lafarge Africa FY 2025 Numbers:
✑ A record year: ₦1trn revenue, 53% y/y revenue growth.
✑ Lafarge grew the most among the three major cement players in Nigeria. There must be a competitive advantage somewhere in there.
✑ Between FY 2023 and FY 2025, profit has grown 4x. Incredible.
✑ ROA of 25%, ROE of 46% (BUA Cement: ROA of 19%, ROE of 61%; Dangote Cement: ROA of 16%, ROE of 41%).
✑ Near-zero debt.
✑ ₦10 dividend declared (including an interim ₦4 dividend during the fiscal year).
✑ Lafarge is currently the fastest-growing player in the cement space, yet the least valued (from a P/E perspective). For context, if the market were to place an industry-average 15x P/E on Lafarge, its share price may just rise to ₦330 per share.