Nigerian billionaire Abdul Samad Rabiu’s BUA Cement posts $130 million profit in Q1 2026

BUA Cement Plc, Nigeria’s second-largest cement producer, started 2026 with stronger earnings, extending a sharp improvement recorded in the prior year. The company, chaired by Abdul Samad Rabiu, reported a profit of N176.4 billion ($130.5 million) for the three months ended March 31, compared with N81.1 billion ($60.01 million) in the same period of 2025.

The latest figures, in its unaudited financial statements, show that higher sales volumes supported the improvement, particularly in bagged cement and bulk cement, as construction activity remained steady across key markets. The company’s revenue rose to N354.98 billion ($262.63 million) in Q1 2026, up from N290.82 billion ($215.1 million) a year earlier.

Bagged cement sales drive growth

A closer look at the breakdown shows bagged cement sales accounted for most of the increase, climbing to $252 million (N340.58 billion) from N290.69 billion ($215.1 million). Bulk cement sales also rose to N14.4 billion ($10.65 million), compared with N130.73 million ($96,730) in the same period last year, reflecting stronger demand from large-scale construction projects.

Operating profit for the quarter rose to N179.5 billion ($132.8 million), up from N119.04 billion ($88.1 million) a year earlier. However, foreign exchange losses linked to debt obligations weighed on the bottom line, coming in at N12.36 billion ($9.14 million). Without these losses, profit would have reached about $140 million (N189 billion), according to the group’s figures.

BUA Cement produces 11 million tonnes
BUA Cement remains a core subsidiary of BUA Group and continues to play a central role in Nigeria’s cement industry. The company produces 11 million tonnes of cement annually, making it the country’s second-largest manufacturer in the sector. Rabiu, who holds a 95.78 percent stake, has maintained a focus on scaling production and improving operational capacity.

Expansion plans are underway with the company targeting 20 million tonnes annual production capacity. The goal is anchored on a $240 million investment program that includes a new power plant and supporting infrastructure to improve efficiency and reduce production costs. Results position the company for 2026 supported by demand and capacity investment.

On the balance sheet, total assets rose to N1.98 trillion ($1.46 billion) as of March 31, 2026, up from N1.85 trillion ($1.36 billion) at the end of December 2025. Shareholders’ equity also increased to N849.27 billion ($628.5 million), while retained earnings climbed to N638.69 billion ($472.64 million), compared with N462.31 billion ($342.1 million) previously.