The weak growth in after-tax profit came as finance costs more than doubled to N451.2 billion driven by dramatic increases in interest expenses and netforeign exchange loss.
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The cement maker incurred roughly 147 per cent more in gross interest expenses compared to the same period of last year in the face of soaring borrowing costs.Similarly, net profit took a blow from net foreign exchange loss, which jumped to N222.1 billion from N99 billion during a period in which the monetary authority in Nigeria devalued the naira by 31 per cent.
The corporation recorded a 74.9 per cent increase in exchange differences on translating net investments in foreign operations, helping lift its total comprehensive income to N965.8 billion from N670.1 billion.
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