April 29, 2025/CSL Research
The cement industry kicked off 2025 on a robust note, delivering impressive financial results in the first quarter. Total Revenue for all listed cement producers surged by 37.4% year-on-year (y/y) to ₦1.53 trillion, up from ₦1.12 trillion in Q1 2024. This topline growth was largely driven by price increases, although select players also achieved notable volume gains. Dangote Cement, the industry leader, played a significant role in the sector’s strong performance.
The company’s Revenue rose by 21.7% y/y to ₦994.66 billion, up from ₦817.35 billion in Q1 2024, reinforcing its dominant market position. BUA Cement, the second-largest player, delivered remarkable Revenue growth of 80.5% y/y, reaching ₦290.82 billion from ₦161.13 billion. Similarly, Lafarge Africa reported an 80.3% y/y increase in Revenue to ₦248.35 billion, compared to ₦137.77 billion in the same period last year. These strong performances are consistent with our expectations.
Click here to download full report: CSL Nigeria Daily – 29 April 2025 – Cement .pdf
