BUA Cement recorded record profit growth in the third quarter of 2025, leading the Nigerian cement industry for the second consecutive quarter. One of
Nigeria's largest listed cement producers posted a 640.8% year-on-year increase in after-tax profit in the third quarter, far outpacing its peers. Data show that the profit of Dangote Cement increased by 149.8% in the same period, while that of Lafarge Africa was 144.1%. However, in absolute terms, Dangote Cement, the largest cement producer in Africa, still ranked first with a profit of 228.9 billion naira (about 410 million US dollars), BUA Cement ranked second with a profit of 108.9 billion naira (about 71.6 million US dollars), and Lafarge Africa ranked third with 75.1 billion naira (about 49.4 million US dollars). The strong performance
of BUA Cement was mainly due to strict cost control and significant improvement in foreign exchange management. In the third quarter, the company's cost of sales decreased by 8.78% year-on-year to N134.9 billion ( $88.7 million), while financial expenses decreased by 15.2% to N17.9 billion ( $11.8 million). Revenue, meanwhile, rose 26.8% to 278.4 billion naira ( $180 million), driven by higher volumes and price adjustments. More critically, the company realized a net foreign exchange gain of N20.8 billion ( $13.7 million), in sharp contrast to the exchange loss of N17.5 billion ( $11.04 million) last year.
From the overall performance of the first three quarters, BUA cement's leading edge is more stable. The company's cumulative profit from January to September 2025 increased by 491.9% year-on-year, while Dangote Cement and Lafarge Africa increased by 166.3% and 246% respectively. This sustained growth highlights the substantial improvement of its operational efficiency.
Investment institutions are optimistic about the prospects of BUA cement. Afrinvest West Africa pointed out in its latest research report that BUA Cement is expected to achieve its annual profit target of 1.2 billion naira in 2025. "The nine-month results indicate a positive operating environment, with management continuing to ramp up marketing efforts while controlling costs," the report said. In particular, the agency highlighted BUA Cement's strong balance sheet, effective foreign exchange management, strong cash position, "the company's 58.1% equity capital efficiency ratio and sustained debt reduction efforts are impressive", and accordingly raised the target price to 147.7 naira. The recognition of BUA cement in the
capital market continues to rise. As of October 31, the company's market value reached 6.09 trillion naira (about $4.28 billion), ranking the fifth largest listed company on the Nigerian Stock Exchange. Its quarterly performance not only consolidates its position as a key player in the industry, but also proves its ability to sustain growth in the face of macroeconomic headwinds. Analysts generally believe that ongoing expansion projects and energy efficiency improvements will further improve profitability in the coming quarters.
Nigeria's cement industry as a whole maintained a positive trend. As the most populous country in Africa, its annual demand for cement is maintained at about 30 million tons, driven by public infrastructure projects, real estate expansion and urbanization. Industry profitability remains strong despite challenges such as high inflation, exchange rate volatility and rising energy costs. Cement enterprises generally benefited from the gradual recovery of construction activities and absorbed the pressure of input costs through price adjustment.
浙公网安备33010802003254号