With the support of a stable naira and rising building material prices, profit at Dangote Cement Plc, owned by Africa's richest person, surged to a record for the first time in almost six years.

According to a company’s statement, net income at the company owned by billionaire Aliko Dangote, who retired as chairman on Friday, more than quadrupled to 309 billion naira ($202 million) in the three months leading up to June, up from 76.6 billion naira in the same period last year.

The company, which operates in at least ten African regions, saw a 14% gain in revenue during the quarter despite a 1.4% decline in volumes.

This year, Nigeria's currency, which is prone to severe volatility, has been stable around 1,550 to the US dollar, which has helped businesses.

Cement manufacturers' sales could increase even more due to infrastructure spending.

In response to inquiries, Matilda Adefalujo, an analyst at Meristem Securities Ltd. in Lagos, stated that although inflation and foreign exchange "volatility remain downside risks," the combination of robust domestic demand, increased production capacity, and improved cost structures positions these cement giants for a robust year-end performance.

“We anticipate sustained double-digit growth in both revenue and profit.”

Nigerian cement producers are profiting from the demand as the government constructs rural roads and the 700-kilometer (435-mile) Lagos-Calabar coastal route. As the real estate industry currently contributes one-third of the country's GDP, real estate developments are also on the rise.

In contrast to the 201 billion naira loss in the same period last year, Dangote Cement reported no foreign exchange losses in the six months ending in June.

Before Dangote built his new refinery with a capacity of 650,000 barrels per day, the cement manufacturer served as the foundation of his fortune and business empire. According to the Bloomberg Billionaires Index, Dangote is the richest individual on the continent with a net worth of $28.5 billion. The estimated value of Rabiu's assets is $4.6 billion.