BUA Cement Plc, controlled by Nigerian billionaire Abdul Samad Rabiu, has recorded a 60 per cent increase in profit after tax to ₦463.1bn in the first nine months of 2026, driven by higher revenue and slower growth in production costs.
The cement maker disclosed this in its unaudited financial results filed with the Nigerian Exchange, reporting profit after tax of ₦463.1bn for the nine months ended September 30, compared with ₦289.9bn in the corresponding period of 2025.
Revenue rose by 26.5 per cent to ₦1.09tn, while cost of sales increased by just 8.8 per cent to ₦466.4bn.
The difference helped gross profit climb by 44.2 per cent to ₦620.3bn, with the gross profit margin improving to 57.1 per cent from 50.1 per cent a year earlier.
Operating profit increased by 46.7 per cent to ₦536.5bn, while profit before tax rose by 64.4 per cent to ₦556.7bn. Earnings per share also grew to ₦13.68 from ₦8.56.
However, the company’s quarterly profit declined for the third consecutive quarter this year, falling from ₦176.4bn in the first quarter to approximately ₦148.5bn in the second quarter and ₦138.2bn in the third quarter.
Third-quarter profit after tax rose by 26.9 per cent year-on-year to ₦138.2bn, while revenue increased by 28.5 per cent to ₦357.8bn.
The company’s tax charge more than doubled to ₦34.1bn in the third quarter, while foreign exchange gains fell to ₦12.6bn from ₦20.8bn a year earlier.
Lower finance costs nevertheless supported its nine-month performance, declining by 36.7 per cent to ₦35.5bn. Finance income nearly tripled to ₦26.6bn.
BUA Cement’s profit growth exceeded that of Dangote Cement, which reported a 31 per cent increase in nine-month profit to ₦974.8bn, according to the report.
Despite the improved earnings, BUA Cement increased its borrowing to support expansion. Total bank loans rose to ₦613.1bn at the end of September from ₦469.4bn in December 2025, while cash balances declined to ₦266.4bn from ₦280.4bn.
Capital expenditure on property, plant and equipment reached ₦127.5bn during the nine-month period, exceeding the ₦79.6bn spent throughout 2025.
In January, the company signed a $240m agreement with China’s CBMI Construction for a sixth production line at its Sokoto plant. The proposed line, with an annual capacity of three million tonnes, is expected to increase BUA Cement’s installed capacity to 20 million tonnes annually upon completion.
The company also paid ₦338.6bn in dividends during the period, following shareholders’ approval of a final dividend of ₦10 per share for 2025.
Total assets increased to ₦2.06tn, while shareholders’ equity rose to ₦797.4bn as of September 30.
Rabiu holds a 56.03 per cent direct stake in BUA Cement, while BUA Industries Ltd owns another 39.75 per cent. His additional indirect holding brings his overall controlled interest to approximately 97.7 per cent, according to the report.
BUA Cement shares closed at ₦293.40 on Thursday, valuing the company at approximately ₦9.94tn.
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