Lafarge Africa Plc

Lafarge Africa's Elephant Cement is the third major cement brand on Lagos construction sites, behind Dangote and BUA. The company's Ewekoro plant in Ogun State (right outside Lagos) supplies a large portion of Lagos's residential and commercial concrete. For Lagos investors, Lafarge represents the operational turnaround story. After years of underperformance, the company posted 101% PAT growth in 2025 — the best operational improvement in Nigerian cement. As Holcim's African subsidiary, Lafarge benefits from global best practices and parental support, but trades at a discount to Dangote and BUA on per-tonne metrics. The stock has risen 101% YTD — pricing in the operational turnaround but still leaving room for re-rating if margin expansion continues. At ₦226.50, Lafarge offers exposure to Lagos construction at a more attractive valuation than the cement giants.

Lafarge Africa Plc is one of the oldest cement companies in Nigeria, dating back to 1959 when WAPCO (West African Portland Cement Company) was founded by the Federal Government and Lafarge of France. The company adopted the Lafarge Africa name following the 2014 merger of WAPCO with United Cement Company of Nigeria (UNICEM) and AshakaCem. Today, Lafarge Africa is a subsidiary of Holcim Group (the world's largest cement company by capacity). Operations include four cement plants: Ewekoro and Sagamu (Ogun State, serving Lagos), Mfamosing (Cross River, serving the South-East), and Ashaka (Gombe, serving the North). Combined capacity is approximately 10.5 Mtpa. Financial performance has improved dramatically under the leadership of Lolu Alade-Akinyemi. Revenue grew from ₦378 billion (2023) to ₦620 billion (2025), while PAT expanded from ₦53 billion to ₦107 billion — a 101% increase in 2025 alone. Margin expansion has been driven by energy efficiency improvements (gas optimization), cement price increases, and tighter SG&A management. The company's strategic focus is on premium products (Supaset 42.5R, Supafix tile adhesive), green cement initiatives (Ecoplanet portfolio), and ready-mix concrete expansion in Lagos.