Lafarge Cement WAPCO has announced a profit before tax of NGN17.74 billion for its half year ended June 30, a 29 percent rise from its NGN13.80 billion ($85 million) in the corresponding period of the previous year.

The company, which last month merged with South Africa’s Lafarge subsidiary, also enjoyed a 12 percent in revenue for the first six months of 2014. Revenue rose to NGN55.35 billion ($341 million) from NGN49.48 billion ($305 million) in the preceding year.

The company said it achieved growth in sales despite low demand for cement caused by the rainy season which slowed construction activities, as well as Nigeria’s delay in the passage of its 2014 budget.

However, analysts say they expect to see further improvement in cement companies’ unit sales in the second half of the year given the capacity ramp-up and strong cement demand.

The Chairman of Lafarge Wapco, Olusegun Osunkeye disclosed last month that the 60 percent French-owned Nigerian Subsidiary would pay the Lafarge group $200 million in cash and 1.4 billion in new shares to buy Lafarge’s wholly owned South African unit and other of its Nigerian businesses in order to combine them under a new name Lafarge Africa.

The consolidation is seen by analysts as a threat to the dominance of Africa s largest cement giant Dangote cement.

French giant Lafarge owns 60 percent of Lafarge Wapco, 100 percent of the Atlas cement company and 58.6 percent of Ashaka Cement Plc (both Nigerian listed companies). It also jointly owns United Cement Company of Nigeria with Swiss-based Holcim. And of course, the French cement company owns 100 percent of the Lafarge South African business.