BUA Cement Plc, the cement giant majority-owned by Nigerian billionaire Abdul Samad Rabiu, posted a 59.8 percent surge in profit for the first nine months of 2026, driven by higher cement prices and robust demand across its bagged and bulk product segments. The performance was further bolstered by foreign exchange gains and strong domestic sales momentum.

Earnings surge as cement demand, price growth lift margins

The cement producer with major manufacturing plants across the country, reported a net profit of N463.1 billion ($344.03 million) for the nine months ended Sept. 30, 2026, compared with N289.86 billion ($215.33 million) in the corresponding period of 2025, according to its latest unaudited financial statements. Pre-tax profit climbed 64.4 percent to N556.7 billion ($413.57 million), up from N338.57 billion ($251.52 million) recorded a year earlier.

The stronger earnings came as revenue expanded 26.5 percent to N1.09 trillion ($807.31 million) in the nine-month period from N858.73 billion ($637.94 million) a year earlier. Cost of sales rose moderately by 8.8 percent to N466.45 billion ($346.52 million) from N428.57 billion ($318.38 million), helping widen gross profit to N620.27 billion ($460.79 million) from N430.16 billion ($319.56 million).

Bagged cement drives revenue growth; bulk sales jump

Bagged cement remained BUA Cement’s primary revenue contributor. Sales from the segment advanced to N1.02 trillion ($757.41 million) from N857.05 billion ($636.69 million) in the prior year. Revenue from bulk cement experienced exponential growth, jumping to N67.17 billion ($49.9 million) from N1.69 billion ($1.25 million), reflecting deeper penetration into commercial and large-scale infrastructure projects.

Profitability was additionally supported by net foreign exchange gains of N29.16 billion ($21.67 million), reversing the severe currency volatility seen in prior periods, alongside finance income of N26.55 billion ($19.73 million). Basic earnings per share rose to N13.68 ($0.0102) from N8.56 ($0.0064) in the corresponding period of 2025.

BUA Cement’s expansion lifts asset base past $1.5 billion

BUA Cement Plc remains one of Africa’s largest building materials producers, producing standard and high-grade cement varieties across its integrated plant complexes in Obu and Kalambaina. Abdul Samad Rabiu controls a 56.03 percent direct stake, alongside an indirect holding of 1.88 percent and 39.75 percent held via BUA Industries Limited.

On the back of steady operational expansion, the company’s balance sheet strengthened. Total assets expanded to N2.06 trillion ($1.53 billion) as of Sept. 30, 2026, from N1.86 trillion ($1.38 billion) at the end of December 2025. Total equity rose to N797.35 billion from N672.9 billion, even after distributing N338.64 billion ($251.57 million) in dividends to shareholders during the period, while retained earnings grew to N586.77 billion ($435.9 million) from N462.32 billion.