Three cement producers listed on the Nigerian Exchange Limited (NGX), Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc, generated a combined revenue of over N6.53 trillion in 2025.

The figure represents an increase from N4.91 trillion in 2024.

Also, their combined after-tax profit rose 142% to N1.65 trillion, compared with N677 billion the previous year.

The strong performance comes on the back of cement price increase from average of N6,000 to above N10,000 per bag.

Breakdown of cement sales

An analysis by Legit.ng shows that BUA Cement recorded the highest net profit margin among the three companies, rising to 30.43% in 2025 from 8.33% in 2024.

Other top cement makers posted the following net profit margins:

Lafarge Africa: 25.75% (up from 14.37%)

Dangote Cement: 23.72% (up from 14.08%)

The results reflect increased operational efficiency and profitability, showing how effectively these companies retain money from their sales after all expenses, BusinessDay reports.

Other financial highlights

Dangote Cement maintained the highest gross profit margin at 62%, up from 54% in 2024, indicating strong operational efficiency.

Lafarge Africa gross margin rose to 58.21% from 49.71%.

BUA Cement achieved the sharpest improvement, with a gross margin of 51.62%, up from 34.25%.

Cement makers stock performance

Investor confidence in Nigeria’s cement sector remains strong based on data from the Nigerian exchange from January to March 3, 2025:

Lafarge Africa shares surged 54.3%, from N134.5 to N210.

Dangote Cement shares gained 33%, from N609 to N809.9.

BUA Cement shares rose 22.7%, from N178.5 to N219.

Industry context

According to the National Bureau of Statistics (NBS), the cement sector grew by 4.68% in Q3 2025, up from 2.6% in Q3 2024.

A report by policy think tank Agora Policy highlighted that despite Nigeria achieving self-sufficiency in cement production, domestic prices remain high due to weak competition and market concentration, even as exports remain cheaper than local sales.

The report stated: “Producers attribute high domestic prices to taxes, energy costs, transport challenges, and financing constraints, arguing that exports are cheaper due to exemptions from certain levies."