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AshakaCem, a subsidiary of Lafarge Africa and member of the LafargeHolcim group, has reported that its pre-tax profit for the full year ended December 31, 2015 fell by 38.88 percent year-on-year to N3.21 billion.

The company’s audited financial statements, released today at the Nigerian Stock Exchange, show the decline in profits in 2015, compared to the company’s N5.25 billion profits in 2014.

AshakaCem said its revenues fell 17.6 percent to N17.41 billion in 2015, compared to N21.13 billion revenues reported in 2014. The company’s cement deliveries fell 19.89 percent to 572 metric tonnes in 2015 from 714 metric tonnes in 2014.

The company’s earnings per share fell 39.49 percent to N123, compared to N204 recorded in the previous year.

Based in Gombe State, AshakaCem is one of the four cement companies controlled by Larfarge Africa in Nigeria. Other subsidiary cement companies in the group are: Atlas Cement based in Rivers State, United Cement Company of Nigeria (Unicem) based in Cross River state, and LafargeWapco based in Ogun State.

Last month AshakaCem appointed Rabiu Abdullahi Umar as its new Managing Director to succeed Leonard Palka, a Polish national, who retires on April 13th.

The company’s shares traded at N24 as at 1.07pm GMT on Friday.