Nigeria\u2019s leading cement manufacturers, Dangote Cement, BUA Cement, and Lafarge Africa, reported a combined profit of N710.03 billion in 2023, marked by increased sales and higher prices that alleviated operational challenges, according to a sectoral intelligence report by The Nation. Despite substantial growth in sales and profitability, forex losses impacted the net profit of these companies. Total sales surged from N2.35 trillion in 2022 to N3.076 trillion in 2023, with operating profit rising from N799.79 billion to N910.99 billion. However, pre-tax profit declined from N713.89 billion to N710.03 billion, mainly attributed to BUA Cement’s slowdown in profitability.<\/p>\n
Post-tax, the net profit for the firms rose from N536.97 billion in 2022 to N576.17 billion in 2023. While these cement companies dominate the Nigerian market, their ownership is concentrated among three entities. Aliko Dangote holds a 85.8% majority equity stake in Dangote Cement, Abdul Samad Rabiu controls 95.79% of BUA Cement, and Lafarge Africa is 83.81% owned by the French multinational Holcim Limited.<\/p>\n
The exclusive control of the Nigerian cement market by these three entities has drawn attention, especially amid surging cement prices. Nigeria’s ban on cement importation, as part of the backward integration project, has positioned these domestic producers as the sole suppliers for the country’s extensive cement needs.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria\u2019s leading cement manufacturers, Dangote Cement, BUA Cement, and Lafarge Africa, reported a combined profit of N710.03 billion in 2023, marked by increased sales and higher prices that alleviated operational challenges, according to a sectoral intelligence report by The Nation. Despite substantial growth in sales and profitability, forex losses impacted the net profit of these […]<\/p>\n","protected":false},"author":7,"featured_media":21600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-21596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=21596"}],"version-history":[{"count":5,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21596\/revisions"}],"predecessor-version":[{"id":21606,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21596\/revisions\/21606"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/21600"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=21596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=21596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=21596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}