Abdul Samad Rabiu’s BUA Cement posts $62 million profit in Q1 2025

Key Points

• BUA Cement’s Q1 2025 pre-tax profit soared to $62 million, up from $13.2 million in Q1 2024, driven by strong cement sales.
• Revenue surged 80% YoY in Q1 2025, reaching $180.7 million, thanks to price increases implemented in the second half of 2024.
• BUA Cement’s EPS rose to $0.00148 in Q1 2025, prompting analysts to predict growing investor interest as the Nigerian stock market recovers.

BUA Cement Plc, a leading cement manufacturer led by Nigeria’s third-richest man Abdul Samad Rabiu, has started 2025 on a positive note, following a strong financial performance at the close of its 2024 fiscal year. The company’s pre-tax profit for the first quarter of 2025 surged to $62 million, marking a significant increase from the same period last year.

BUA Cement posts strong Q1 profit

In its recently released unaudited financial statements, BUA Cement reported a pre-tax profit of N99.74 billion ($62.1 million) for the three months ending March 31, 2025, up from N21.28 billion ($13.2 million) in Q1 2024. This growth comes despite rising energy costs and operating expenses during the period.

The first-quarter profit of 2025 even exceeded the N99.63 billion ($61.9 million) reported for the entire 2024 fiscal year. This impressive performance is largely attributed to strong cement sales, which were driven by a price increase in the second half of 2024 that carried into the new year. As a result, revenue surged from N161.13 billion ($100.1 million) in Q1 2024 to N290.82 billion ($180.7 million) in the first quarter of 2025.

BUA Cement’s earnings, assets rise

BUA Cement, Nigeria’s second-largest cement producer, operates as a key subsidiary of BUA Group, the conglomerate founded by Abdul Samad Rabiu, the country’s third-richest man. The company has an annual production capacity of 11 million tonnes, reinforcing its dominant market position and strategic role in West Africa’s construction industry.

Under Rabiu, who holds a 97.66 percent stake in the company, BUA Cement’s retained earnings grew significantly, rising from N175.7 billion ($109.2 million) on December 31, 2024, to N256.82 billion ($159.6 million) by March 31, 2025. The company’s total assets also saw modest growth, moving from N1.57 trillion ($975.4 million) to N1.58 trillion ($982 million), while total equity increased from N388.55 billion ($241.4 million) to N469.67 billion ($292 million).

BUA Cement’s EPS grows, analysts watch

These strong financial results, highlighted by an earnings per share (EPS) of N2.39 ($0.00148) in the first quarter of 2025, up from N0.53 ($0.00033) in the same period the previous year, have caught the attention of analysts. With the Nigerian stock market showing signs of recovery after the 2024 naira devaluation, BUA Cement’s share price is expected to attract increased investor interest, especially from bargain hunters seeking opportunities in industrials and manufacturing companies listed on the Nigerian Exchange (NGX).