Dangote Cement Plc, BUA Cement Plc and HBM Nigeria Plc have posted a combined profit after tax (PAT) of N1.17 trillion in their half-year (H1) 2026 operations, representing a 40.48 per cent increase from the N834.06 billion recorded in the corresponding period of last year.

Data from the Nigerian Exchange Limited (NGX) showed that the three companies generated an additional N337.65 billion in net profit during the six months ended June 30, 2026.

The combined revenue of the three cement manufacturers rose by 23.68 per cent to N3.91 trillion from N3.16 trillion recorded in the first half of 2025. This represents an increase of N750.13 billion in revenue within one year.

A breakdown of the companies’ half-year performance showed that Dangote Cement remained the industry’s largest player after posting a profit after tax of N638.53 billion for the six months ended June 30, representing a 22.69 per cent increase from N520.46 billion recorded in the corresponding period of 2025. The company’s revenue grew by 21.35 per cent to N2.51 trillion from N2.07 trillion, while profit before tax rose by 34.43 per cent to N981.39 billion from N730.03 billion.

HBM Nigeria Plc also achieved a strong performance, with profit after tax rising by 57.03 per cent to N208.30 billion from N132.70 billion recorded in the first half of 2025. Revenue increased by 31.23 per cent to N678.4 billion from N516.90 billion, while profit before tax climbed 59.08 per cent to N317.73 billion from N199.74 billion.

BUA Cement posted the strongest profit growth among the three cement manufacturers, with profit after tax surging by 79.59 per cent to N324.88 billion from N180.9 billion in the corresponding period of 2025. Revenue rose by 25.61 per cent to N728.93 billion from N580.3 billion, while profit before tax advanced to N384.44 billion from N214.8 billion achieved in the previous year.

Also, an analysis of the companies’ share price performance showed that the strong earnings growth has been reflected in their market valuation on the Nigerian Exchange (NGX), with the three cement manufacturers ranking among the exchange’s most valuable listed firms.

Dangote Cement Plc remains the third most capitalised company on the NGX with a market capitalisation of about N17.4 trillion. The company’s share price has gained about 70 per cent year-to-date, rising from N609 at the beginning of the year to N1,034 per share.

BUA Cement Plc is the fifth most valuable listed company on the Exchange with a market capitalisation of about N10.7 trillion. The stock recorded a strong rally in the first half of the year, reaching a peak year-to-date gain of between 112 per cent and 119 per cent, soaring from an opening price of about N173 to N178.50 in January to around N378-N380.

However, following profit-taking and a broader market correction in July, the share price moderated to N316 as of Friday, July 31, 2026.

HBM Nigeria is currently the ninth most capitalised stock on the NGX with a market capitalisation of approximately N5.85 trillion. The company’s share price has delivered one of the strongest performances on the Exchange this year, advancing about 186.25 per cent from around N135 at the beginning of the year to N363 at the close of trading on Friday, July 31, 2026.

The strong performance by the cement manufacturers reflects continued growth in construction activities across the country, improved pricing strategies, increased infrastructure spending by governments, sustained demand from the real estate sector, and operational improvements that helped cushion the impact of higher energy, logistics, and financing costs.

Operators said the sector has also benefited from manufacturers’ ability to pass a significant portion of rising input costs to customers, supported by strong brand positioning and resilient domestic demand. They noted that improved operating efficiency, better energy mix, disciplined cost control and continued investments in production capacity have strengthened profitability despite macroeconomic challenges.

President of the Independent Shareholders Association of Nigeria, Moses Igbrude, commended the outstanding 2025 performance of Dangote Cement, BUA Cement and HBM Plc, noting that the three firms have sustained profit due to improved production efficiency, stronger cost management, as well as their ability to sustain sales growth despite inflationary pressure.

He also noted that the sector remains one of the strongest performers on the Nigerian Exchange, with robust earnings expected to continue supporting investor confidence and dividend prospects, provided infrastructure spending remains strong, construction activities continue to recover and foreign exchange conditions remain relatively stable in the second half of the year.