July 25, 2025/CSL Research
Financial Highlights:
- Revenue +59.4% y/y to N580.30BN
- Cost of Sales (ex-depreciation) +13.6% y/y to N277.48BN
- OPEX (ex-depreciation) +39.20% y/y to N33.98BN
- EBITDA +182.7% y/y to N269.90BN
- Operating Profit +199.4% y/y to N245.39BN
- Profit before Tax +435.3% y/y to N214.80BN
In its recently released unaudited H1 2025 results, BUA Cement reported a strong 59.4% y/y increase in Revenue, reaching N580.30 billion, up from N363.94 billion in H1 2024. Although the company did not provide a detailed Revenue breakdown, we attribute this robust topline performance to a combination of higher sales volumes and price increases.
Cost of Sales (excluding depreciation) rose by a more moderate 13.6% y/y to N277.48 billion, from N244.20 billion in the same period last year, reflecting ongoing inflationary pressures and higher energy costs. Consequently, BUA Cement delivered an impressive 152.9% y/y growth in Gross Profit, which rose to N302.83 billion.
Consequently, gross margin expanded significantly by 1,928 basis points to 52.2% in H1 2025, compared to 32.9% in H1 2024.
Stock Rating: SELL Target Price: N77.52/s
To read full report, click on the link below
CSL Research BUA Cement H1 2025 Quick Take .pdf
