Lafarge Africa Plc (“WAPCO” or “the Group”) published its H1-2021 financials recently. Revenue grew 20.3% y/y in the period, buoyed by improved sales volumes across its cement and aggregate segments, as well as higher pricing. The cement manufacturer’s key cost lines rose faster than sales, driving gross margin compression. Overall, WAPCO’s steady bottom line improvement remains highly encouraging as PAT expanded by 21.4% y/y to N28.3bn (110.0% q/q in Q2-2021) and net margin expanded by 18bps to 19.5%. We review the half year performance and provide our outlook on the business.