The sustained stability of the foreign exchange (FX) market is beginning to reflect positively on the financial performance of listed companies as the combined six-month profit of the three listed cement-producing giants – Dangote Cement, BUA Cement and Lafarge Africa – soared by approximately 229.1 per cent.
The three firms achieved a combined profit after tax (PAT) of N833.2 billion during the period ended June 30, 2025, culminating in an increase of approximately 229.1 per cent when compared to the N253.2 billion posted in the same period of last year.
In addition to robust profit growth, the revenue of the firms rose to N3.2 trillion, up from N2.5 trillion recorded in the corresponding period of 2024, translating to a 28 per cent increase.
Dangote Cement posted a PAT of N520.5 billion, representing a 174 per cent surge from the N189.9 billion reported in the corresponding period of the previous year.
Its mid-year profit surpassed the company’s entire 2024 full-year performance by about three per cent. Its revenue also rose to N2.1 trillion, representing 18 per cent increase from N1.76 trillion achieved in the same period of 2024.
BUA Cement has a significant turnaround in performance. The company’s PAT soared by 429.4 per cent, rising from N34 billion in the six months of 2024 to N180 billion in 2025.
Its revenue also saw a robust increase, growing by 59.5 per cent to N580.3 billion, compared to N363.9 billion recorded in the previous year.
Lafarge Africa also recorded improved performance during the period with a PAT of N132.7 billion, representing a 352.6 per cent surge from N29.3 billion recorded in 2024.
The company’s revenue also advanced by 75 per cent, rising from N295.6 billion to N516.9 billion in the first half of 2025.
Analysts attributed this impressive performance largely to the relative stability of the FX market, which has helped the firms to eliminate or significantly reduce the exchange losses that weighed heavily on their operations in the past.
For instance, Dangote Cement reported no FX-related loss in the second quarter of 2025, a sharp contrast to the N138 billion loss incurred during the same period in 2024.
The development has positioned the company for a record-breaking year, with mid-year profits already outpacing its full-year 2024 performance.
Similarly, BUA Cement experienced a significant reversal in its FX position. The company moved from an exchange loss of N29.9 billion in Q2, 2024, to a gain of N1.6 billion in the same period of 2025.
The turnaround boosted its pre-tax profit in Q2, 2025, to N115.06 billion, reflecting a 510.7 per cent increase over the N18.8 billion recorded in the previous year.
The positive trajectory of the companies suggests that, barring any major macroeconomic shocks, the cement sector is on course for one of its strongest financial years in recent history.
President of the New Dimension Shareholders Association of Nigeria, Patrick Ajudua, has said that the surge in profit and revenue recorded by the three leading cement manufacturers in the country is unsurprising, given the pace of economic recovery in the sector. According to him, the significant improvement reflects the relative stability in the exchange rate as well as the gradual easing of inflationary pressures.
He explained that the macroeconomic gains have translated into stronger consumer appetite and increased activity in infrastructure development projects, both of which have led to heightened demand for cement.
