LafargeHolcim has blamed lower prices and gas shortages in Nigeria for a drop in its adjusted operating earnings before interest, taxation, depreciation and amortisation (EBITDA) in the first half of 2016. Its adjusted operating EBITDA fell by 6.7% year-on-year to Euro2.33bn from Euro2.5bn in the same period in 2015. Net sales fell by 6.2% to Euro12.3bn from Euro13.1bn.
“Without the effect of Nigeria, where our plants were affected by gas shortages, adjusted operating EBITDA would have increased by 13% in the quarter. Nigeria is a high growth market and we are adapting our plants to reduce our dependency on gas to restore supply and capture growth. We expect these measures to take effect by the end of the year,” said Eric Olsen, CEO of LafargeHolcim.
LafargeHolcim’s cement sales volumes fell by 3.7% to 119Mt from 124Mt.
