BUA Cement Plc reported a pre-tax profit of N556.70 billion for the nine months ended September 30, 2026, representing a 64.43% increase from N338.57 billion in the corresponding period of 2025.
The unaudited results also show that the nine-month revenue increased by 26.55% to N1.09 trillion, while profit after tax rose by 59.77% to N463.10 billion, supported by improved operating margins, lower finance costs and stronger finance income.
The performance came despite operational challenges, elevated energy costs, and disruptions linked to heavy rainfall.
Speaking on BUA Cement’s nine-month 2026 financial results, Managing Director/CEO, Yusuf Binji, said:
He further highlighted the company’s logistics transformation:
On energy costs and operational efficiency, Binji noted that the LNG trucks would reduce the company’s environmental footprint and improve market penetration. He also confirmed that energy costs, which were elevated during the quarter because of supply constraints, had since normalised.
Looking ahead, he stated:
BUA Cement’s earnings growth was driven by higher cement sales, improved production margins, and reduced net financing costs.
The sharp increase in bulk revenue supports management’s commentary on expanding its bulk customer base.
Despite revenue growth of 26.55%, cost of sales increased by only 8.84% to N466.45 billion, lifting gross profit by 44.19% to N620.27 billion.
Consequently, gross profit margin improved to 57.08% from 50.09%, while management reported that EBITDA margin increased by 6.3 percentage points to 52.7%.
Energy consumption remained a major cost pressure, increasing by 21.53% to N216.62 billion from N178.24 billion.
According to management, the improved margins were supported by lower operation and maintenance charges and cost savings associated with LNG-powered trucks.
Selling and distribution expenses increased by 29.01% to N61.30 billion, while administrative expenses rose by 26.92% to N23.19 billion.
Finance costs declined by 36.68% to N35.52 billion, while finance income increased to N26.55 billion from N9.94 billion.
The company also recorded a net foreign exchange gain of N29.16 billion, compared with N21.63 billion in the corresponding period of 2025.
These movements lifted the pre-tax profit margin to 51.23% from 39.43%, although higher taxation moderated profit-after-tax growth.
BUA Cement’s total assets increased by 10.84% to N2.06 trillion as of September 2026, from N1.86 trillion at December 2025, driven partly by growth in property, plant and equipment, which rose to N1.27 trillion from N1.18 trillion.
Meanwhile, management disclosed plans to expand installed cement production capacity from 17 million to 23 million metric tonnes annually through a proposed greenfield cement plant in Ososo, Edo State.
Overall, the results reflect stronger profitability and operational efficiency despite higher energy expenses and increased borrowing obligations.
BUA Cement shares closed at N293.40 on October 29, 2026, unchanged from the preceding trading session.
The stock has gained 64.40% year-to-date from its opening price of N178.50, although it declined by 1.21% over the preceding week and 7.15% over three months.
