BUA Cement Plc has posted one of its strongest half-year performances on record, with pre-tax profit surging 79 percent to ₦384.44 billion in the first six months of 2026, up from ₦214.80 billion in the same period last year.
The company’s unaudited results, released this week, showed profit after tax climbing 79.6 percent to ₦324.88 billion, while earnings per share nearly doubled to ₦9.59 from ₦5.34 in H1 2025. Revenue grew 25.6 percent year-on-year to ₦728.93 billion, driven largely by expansion in the company’s newer market segments and a sharp jump in bulk cement sales.
Management credited the results to cost discipline as much as sales growth. Cost of sales rose by only 2.7 percent even as revenue climbed by more than a quarter, allowing gross profit to surge nearly 49 percent to ₦427.03 billion. The company’s operating ratio, a measure of cost efficiency, improved to 49.1 percent in H1 2026 from 57.9 percent a year earlier, while direct cost per tonne fell 4.4 percent year-on-year.
A more stable foreign exchange environment also boosted the bottom line. BUA Cement recorded a net foreign exchange gain of ₦16.57 billion in the period, a sharp reversal from a loss position in the prior year, while net finance costs fell as interest expenses eased.
Managing Director/CEO Yusuf Binji said the company delivered a strong performance despite constraints encountered in May, adding that management remained focused on new growth opportunities and cost-containment measures.
Return on assets improved to 21.4 percent from 15.4 percent, while return on equity rose to 52.4 percent, reflecting stronger margins and more efficient use of the company’s asset base. Total assets grew to ₦1.92 trillion, supported by higher cash balances and continued investment in production infrastructure, though long-term borrowings also rose considerably during the period.
Investors responded positively to the results, with BUA Cement’s share price gaining 4.84 percent in trading immediately after the announcement. That pushed the stock’s year-to-date return to 82 percent, with shares closing at ₦325 apiece and the company’s market capitalisation standing at approximately ₦11 trillion, thereby placing it among the most valuable stocks currently on the Nigerian Stock Exchange.
