https://naijareporters.com/?p=493&preview=trueThe three companies all reported a collective decline in final profits Abdul Samad Rabiu, chairman of BUA Group, has renewed the hope of Nigerians in the reduction in cement prices.
Journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends. Nigeria’s cement industry has recorded a staggering surge in sales revenue driven by recent price hikes. Cement makers earn over 2trn from sales. the financial statements of Nigeria’s top cement manufacturers submitted to the NGX showed that Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc recorded a combined sales revenue of N2.4 trillion in the first half of 2024.
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This represents a 76.66% increase when compared to N1.36 trillion reported in June 2023 by the cement makers.
Naijareporters reported that the cement makers initiated successive price adjustments, pushing the cost of a 50-kilogram bag of cement to between N9,000 and N13,000, up from approximately N6,400. Breakdown of cement makers Here is a snapshot of the cement makers’ financial performance so far in the first half of 2024. Dangote Cement Revenue: Increased from N950.8 billion in the first half of 2023 to N1.76 trillion in June 2024, marking an 85% surge. Profit After Tax: Rose by 6.3% to N189.9 billion during the same period. BUA Cement Revenue: Increased from N221 billion to N363.94 billion, reflecting a 64.6% rise year-on-year. Profit After Tax: Plummeted by 85.7% from N63.6 billion to N34.25 billion, impacted by soaring costs and foreign exchange losses amounting to N39.97 billion. READ ALSO Forex inflow in FMDQ declines by 16.5% in one week as naira gains Lafarge Africa Revenue: Increased by 49.5%, climbing from N197.68 billion in June 2023 to N295.57 billion in June 2024. Profit After Tax: Fell by 17.3% to N29.35 billion, primarily due to foreign exchange losses. Billionaire sets conditions to reduce price Earlier, Legit.ng reported that Abdul Samad Rabiu, Chairman of BUA Group, has spoken about his plans to reduce his company’s cement prices. The billionaire said this is possible if the naira recovers and also mentioned that his company plans to increase production.
https://naijareporters.com/exclusive-first-bank-sacks-over-100-employees-after-%e2%82%a640bn-fraud-freezes-their-personal-accounts/BUA is the second-largest cement producer in Nigeria after Dangote Cement and is working to expand its operations.
