BUA Beats Africa’s Biggest Cement Maker Dangote in Profit Growth

BUA Cement, Nigeria’s second-biggest cement producer, recorded the highest growth in earnings in the first nine months of 2025, outperforming its two major rivals, Dangote Cement and Lafarge Africa.

A MarketsReporters analysis of the latest audited financial statements shows that BUA Cement’s after-tax profit surged by 491.9 percent year-on-year, while Dangote Cement and Lafarge Africa reported growth rates of 166.3 percent and 246 percent, respectively.

Dangote Cement, however, maintained its position as the industry leader with a profit of N743.3 billion, followed by BUA Cement with N289.9 billion and Lafarge Africa with N207.8 billion.

The higher profit growth at BUA Cement was driven by strong revenue performance and a swing to a net foreign exchange gain. The company’s revenue climbed to N858.7 billion from N583.4 billion a year earlier, supported by higher sales volumes and price adjustments. 

It also reported a N21.6 billion net forex gain, a turnaround from the N57.4 billion loss recorded in the same period last year.

“Although the company did not provide a detailed revenue breakdown, we attribute this robust topline performance to a combination of higher sales volumes and price increases,” analysts at CSL Research said in a note on Tuesday.

Nigeria’s cement industry continues to benefit from strong demand, estimated at around 30 million tonnes annually, fuelled by ongoing infrastructure projects and rapid urbanisation. These trends have supported the sector’s profitability despite rising inflation, volatile exchange rates, and high energy costs.

As of Monday, BUA Cement’s market capitalisation stood at N6.09 trillion, making it the fifth-biggest on the Nigerian Exchange Limited.