Prime Business Africa
The cement industry recorded N3.92 trillion in revenue in the first half (H1) of 2026, an improvement of 23.74 percent when compared to the turnover of N3.16 trillion generated in H1 2025.
Prime Business Africa (PBA) analysed the industry’s revenue based on the turnover of the big three companies listed on the Nigerian Exchange (NGX): Dangote Cement, BUA Cement and HBM Nigeria Plc, formerly known as Lafarge Africa.
Join our WhatsApp ChannelFurther analysis of their unaudited financial statements for the first half of this year showed that the sector expended N1.48 trillion on cost of sales, exceeding the N1.36 trillion incurred in the same period the previous year.
While the industry’s revenue surged by double digits, the cost of sales increased by a single digit or 8.34 percent year-on-year, according to Prime Business Africa’s analysis.
How Cement Companies Performed In H1 2026
Dangote Cement
Dangote Cement held the largest market share by revenue during the period under review, accounting for 64.11 percent in H1 2026, compared to the 65.37 percent held in the corresponding period the year before.
- The company’s market share declined after recording the lowest turnover growth among its peers, experiencing a 21.35 percent growth in its revenue in H1 of this year, which was N2.51 trillion, exceeding the N2.07 trillion generated in the first six months of 2025.
- During the period under review, it was gathered that Dangote Cement’s cost of sales increased by 8.29 percent to N924.30 billion, compared to the N853.55 billion expended in the first half of the previous year.
- The company’s ability to keep costs well below revenue supported Dangote Cement’s profit before tax, which climbed to N981.38 billion in H1 2026, above the N730.03 billion achieved in H1 2025, representing a 34.43 percent growth.
BUA Cement
BUA Cement’s market share increased to 18.59 percent in the first six months of this year, surpassing the 18.31 percent share recorded in the same period in 2025, representing a 0.28 percent growth.
- The company’s market share increased after recording the second-highest turnover growth, with revenue reaching N728.92 billion in the first half of 2026, overshadowing the N580.30 billion earned in the same period in 2025.
- While BUA Cement’s revenue grew by 25.61 percent year-on-year, the company’s cost of sales climbed just 2.70 percent to N301.89 billion during the period under review, above the N293.94 billion sustained in production in H1 last year.
- This contributed to BUA Cement’s pretax profit rising by 78.97 percent to N384.43 billion in the first half of this year, outstripping the N214.80 billion recorded between January and June of the year before.
HBM Nigeria
At the end of June 2026, the market share of HBM Nigeria soared to 17.30 percent, according to Prime Business Africa’s analysis, exceeding the 16.31 percent recorded in the corresponding period in 2025.
- HBM Nigeria’s market share increased by 0.99 percent following a 31.23 percent growth — the highest amongst its peers — in the cement manufacturer’s revenue, which soared to N678.41 billion in the first half of 2026, compared to the N516.97 billion generated in the previous year’s H1.
- The company, however, was unable to tame its cost of sales to a single digit compared to its industry rivals, as it increased by 16 percent to N256.59 billion in H1 2026, above the N221.20 billion expended in H1 2025.
- Regardless, the company recorded the second-highest pretax growth compared to its peers, after reporting N317.73 billion in the first half of 2026, which is a 59.08 percent growth when compared to the N199.73 billion achieved in the same period last year.
Meanwhile, the market value of BUA Cement and Lafarge Africa rose faster than that of Dangote Cement in the Nigerian stock market in the first quarter (Q1) of 2026.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
