Again, Lafarge Plc delays release of FY 2018 and Q1 2019 financial results

Lafarge Plc has again postponed the release of its annual Audited Financial Statements for the year ended 31st December 2018.

The company had announced on March 29, 2019, that the result would be released in May. It has, however, failed to meet the timeframe.

In a statement issued to the Nigerian Stock Exchange (NSE), the company disclosed a new date for the release of its full-year Audited Financial Statements, informing its shareholders and the public that the financial report will be submitted not later than the 28th of June 2019.

Reasons for the delay: According to a statement seen by Nairametrics, the company delayed the release of its Audited Financial Statement for the year ended 31st December 2018 because of pending actions required for the resolution of key matters relating to the closure of Lafarge’s 2018 AFS.

Lafarge had failed to beat the deadline of submission of its Unaudited Financial Statements for the year ended 31st December 2018. This was caused by the delay of 2018 Audited Financial Statements (2018 AFS) which has not been submitted. The initial date for submission, according to Lafarge Plc, was May 31, 2019.

Note that according to the extant rules of the Nigerian bourse, the result was supposed to have been submitted no later than April 30th, 2019.

What you need to know: After failing to meet the submission deadline, Lafarge Plc sought the approval of NSE for the delay/late filing of the Audited Financial Statements.

What this means: Following the continuous delay in the filing of the Audited Financial Statements for FY 2018, Lafarge Plc will be unable to release its Q1 2019 Unaudited Financial Statements as at when due.

The company announced in March that it will be in a position to submit its Q1 2019 UFS not later than July 29, 2019. In the month, the company might have factored in the possibility of submitting its Audited Financial Statements in May as initially planned. However, with the postponement, the Q1 2019 UFS might be delayed even further.

Source: Again, Lafarge Plc delays release of FY 2018 and Q1 2019 financial results

By Fakoyejo Olalekan

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