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Lafarge Africa released its 2016 half-year results on Wednesday, showing that foreign exchange losses pushed the company to record a N30.25 billion loss for the period ended on June 30, compared to an after-tax profit of N27.32 billion during a similar period of last year.

According to a statement released today at the Nigerian Stock Exchange, the company said its revenue for H1 2016 fell 29 percent year-on-year to N107.36 billion, as against N152.18 billion recorded in H1 2015.

Last week, Lafarge Africa issued a profit warning to investors, stating that it expects a foreign exchange loss of N28 billion arising from the impact of the naira devaluation on the company’s foreign currency liabilities.

Lafarge Africa said its dollar-based borrowings consist of $310 million in shareholder loans and $85 million in external loans. The loans relate to Lafarge’s fully owned-subsidiary, the Calabar-based United Cement Company of Nigeria (Unicem), which was acquired from Flour Mills of Nigeria for N55 billion last year.

Excluding the impact of the foreign exchange loss, Lafarge Africa would have recorded a normalized loss-after-tax of N2.7 billion during the period under review, according to CardinalStone Partners, a Lagos-based investment advisory firm.

Founded in 2014 to house the Nigerian and South African assets of LafargeHolcim, the world’s largest cement company, Lafarge Africa is the second largest cement company in Nigeria after Dangote Cement, the market leader.

The company controls four cement companies in Nigeria: LafargeWapco, based in Ogun State; AshakaCem, based in Gombe State; Atlas Cement, based in Rivers State; and Unicem, based in Cross River State.