Nigerian cement manufacturers defied economic challenges in 2024, posting profit growth through price hikes with analysts seeing investors’ interest in their stocks.
BusinessDay analysis of Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc’s unaudited financial statements reveal that their after-tax profit collectively rose to N677.48 billion in 2024, a 17.6 percent increase from N576 billion in 2023 due to price adjustments implemented in response to rising operational costs and inflationary pressures.
Dangote Cement posted the highest profit at N503.4 billion, followed by Lafarge (N100.1 billion) and BUA (N73 billion), driven by strong revenue growth.