Nigeria’s cement industry posted its strongest half-year performance ever in 2025, with combined net income for Dangote Cement, BUA Cement, and Lafarge Africa soaring to N834.01 billion in the first six months—more than triple the earnings from the same period last year.
The surge in profits comes amid rising cement prices, improved operational efficiency, and a more stable naira. Demand is being driven by massive infrastructure projects, including the 700km Lagos-Calabar coastal highway and increased real estate development, which now accounts for nearly a third of the nation’s GDP.
While Dangote Cement led in absolute profit, recording N520.45 billion in post-tax earnings, BUA Cement emerged as the most profitable by key financial metrics. BUA posted a net margin of 31.17 percent and a year-on-year profit growth of 428 percent, compared to Dangote’s 174 percent growth and a margin of 25.14 percent. Lafarge Africa posted N132.67 billion in net income with a 352 percent growth and a 25.66 percent margin.
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In terms of Return on Equity (ROE), BUA again led with 31.80 percent, followed by Lafarge at 24 percent and Dangote at 23.50 percent. Lafarge, however, topped in Return on Assets (ROA) with 13 percent, ahead of BUA’s 11.23 percent and Dangote’s 7.87 percent.
Lafarge also posted the highest growth in net cash flow, up 340.20 percent year-on-year, outpacing BUA at 140 percent and Dangote at 112.40 percent.
Despite Dangote Cement’s dominant N8 trillion market capitalisation, its stock has gained only 8.65 percent year-to-date. BUA shares have risen 63.20 percent, while Lafarge leads with an 85.90 percent gain, making it the sector’s best-performing stock in 2025 so far.
Industry analysts expect Nigeria’s cement makers to post record full-year earnings, supported by expanded capacity, cost controls, and macroeconomic stability.
