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Which listed cement companies should you compare?
The relevant listed Nigerian cement peers are Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc. Begin with each issuer’s official results and full annual report, rather than relying on headlines or third-party summaries.
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FY2025 is the common completed financial year covered by the results disclosures summarized here. Dangote Cement’s investor-relations page reports FY2025 group revenue of ₦4,306.7 billion and group EBITDA of ₦1,981.3 billion. BUA Cement’s FY2025 announcement reports revenue of ₦1.2 trillion, while Lafarge Africa’s reports revenue of ₦1.1 trillion. These are company-reported announcement figures; check the audited statements and align scope and accounting definitions before comparing them. Dangote Cement investor relations, BUA Cement financial reports and results, Lafarge Africa financial reports and results
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How to make the comparison fair
- Use the same reporting period. Compare full-year figures with full-year figures. Do not place one company’s half-year result beside another’s annual result.
- Match the scope. Dangote Cement operates in multiple African countries. Its group totals are not directly comparable to Nigeria-only figures. For a domestic-market comparison, use Nigerian segment figures where the annual reports disclose them, and label group and country data separately.
- Align accounting definitions. Check whether each figure is for the group or parent company and whether it comes from audited statements or an announcement highlight. Confirm that line items are defined consistently before calculating ratios.
- Use consistent units. Convert all amounts to the same currency unit—such as billions of naira—before calculating margins or comparing totals.
Compare earnings quality, not just revenue
Put revenue beside gross profit, operating profit, EBITDA and profit after tax (PAT). Calculate each margin using the corresponding statement line divided by revenue, not from differently defined management metrics. Earnings per share (EPS) adds a per-share perspective, but it does not show the cash available to fund investment or dividends.
#1 Best Overall
- Essential Cement Testing: Specifically designed to determine the Initial Setting Time and Final Setting Time of hydraulic cement pastes, crucial for construction quality control.
- Standard Consistency Determination: Includes the necessary plunger and equipment to accurately find the Standard Consistency of cement samples, conforming to industry standards.
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The FY2025 announcements report the following headline figures. They are not a complete, reconciled financial comparison; confirm each item in the full audited report before using it to rank performance.
| Company | FY2025 reported figures |
| Dangote Cement Plc | Group revenue of ₦4,306.7 billion and group EBITDA of ₦1,981.3 billion, reported on its investor-relations page. |
| BUA Cement Plc | Revenue of ₦1.2 trillion, gross profit of ₦604.1 billion, PAT of ₦356 billion and EPS of ₦10.00 in its results announcement issued in May 2026. The announcement reports revenue growth of 34.5% and PAT growth of 381.7% from FY2024. |
| Lafarge Africa Plc | Revenue of ₦1.1 trillion, operating profit of ₦392 billion, PAT of ₦273 billion and EPS of ₦17 in its results announcement issued in February 2026. The announcement reports revenue growth of 53% and PAT growth of 173% year on year. |
Those growth rates describe reported changes from FY2024, not forecasts. A high growth rate can reflect a low prior-year base or changing conditions, so review the full-year statements and notes before treating it as evidence of a sustained trend. On these announcement figures, BUA has the largest cited PAT, while Dangote reports much larger group revenue and EBITDA. Those observations alone do not establish which company performed best on a like-for-like basis.
Rank #2
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Check cash flow, borrowing and financing costs
Profit is not the same as cash generated. In each audited annual report, review operating cash flow, capital expenditure, borrowings, cash balances, net debt, finance costs and foreign-currency exposures. Consider whether cash from operations covers planned investment and distributions, and whether financing costs are absorbing a growing share of operating earnings.
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The FY2025 highlights above do not provide a full, comparable cash-flow and balance-sheet picture for all three issuers. Do not infer relative financial flexibility from the headline profit figures; extract and reconcile the corresponding audited statement lines and notes first. Annual-report and results archives are available from Dangote Cement, BUA Cement and Lafarge Africa.
Rank #3
- 72hr Lab Fee Included - No further costs to process your sample
- PLM Testing Method - Your results will tell you which kind of asbestos was detected along with a percentage concentration
- 3 Day Results (All samples are tested within 72hr of receipt)
- Perfect for testing Popcorn Ceilings, Cement, Siding, Guttering, Boarding & Floor Tiles
Separate capacity from actual output
Installed capacity describes potential production, not cement actually produced or sold. Compare capacity with disclosed production and sales volumes; calculate utilization only when each company’s reports provide comparable definitions and periods.
- Dangote Cement reports total installed capacity of 55.0 million tonnes per annum across the group and Nigeria capacity of 32.25 million tonnes per annum. Keep those different scopes separate. Dangote Cement investor relations, Dangote Cement company profile
- Lafarge Africa reports installed cement capacity of 10.5 million tonnes per annum and identifies plants in several Nigerian regions. Lafarge Africa investor relations
- A comparable FY2025 BUA installed-capacity figure is not stated in the cited results material. Consult its full report rather than filling the gap with an estimate. BUA Cement financial reports and results
Also examine the footprint behind the totals: plant locations, distribution, energy sourcing, exports, operations in other countries and any non-cement activities disclosed in the accounts. These can affect costs and explain why a group-wide result differs from a Nigeria-only comparison.
Rank #4
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- Complete All-In-One Kit – The set includes all essential components for slump testing: a standard slump cone (12"/300 mm height, 8"/200 mm bottom diameter, 4"/100 mm top diameter), a non-absorbent base plate, a 24" steel tamping rod (5/8" diameter), a concrete shovel, a filling funnel, and a steel ruller.
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Assess dividends and shareholder returns
Compare dividend per share and payout alongside EPS, operating cash flow, capital expenditure and borrowing needs. A dividend may look generous relative to earnings but still deserve scrutiny if it is not supported by cash generation or if the company has substantial reinvestment requirements. Use the same financial year and distinguish a proposed dividend from one approved or paid, as applicable in the issuer’s disclosures.
Compare share valuations using one date
Operating performance and share valuation answer different questions. A larger or faster-growing company is not automatically the cheaper share. Choose a stated date, use NGX closing prices from that date, and calculate comparable ratios from aligned financial data.
Best Value
- High Precision: The bulk density tester for powder provides accurate measurement results. There is a level at the bottom to adjust the level. Attention: Data measurement needs to be conducted in a balanced state
- Measurement Principle: Let the powder fall from a funnel(taper 60°±0.5°,Volume 120ml) at a certain height until the measuring cup(100ml) is filled, and weigh a specific volume of bulk powder, which is the bulk density
- High Quality Stainless Steel: The natural accumulation density tester uses thickened stainless steel material for the volumetric meter, with sufficient wall thickness and hardness, durability, and wear resistance. The measuring frame is made of stainless steel to prevent dust from falling during loading
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- Widely Used: Bulk density meter can measure the density of various powders. For example: metal powder, rare metal powder, alloy powder, soil, dye, abrasive, paint, cement, water sediment powder, etc
| Measure | What it helps show | Keep consistent |
| Price-to-earnings (P/E) | Share price relative to earnings per share. | Use the same price date and a clearly stated earnings period and basis for each issuer. |
| Price-to-book | Share price relative to book value per share. | Use aligned balance-sheet dates and consistent treatment of equity. |
| Dividend yield | Dividend per share relative to share price. | State whether the dividend is proposed, approved, paid or trailing, and use the same price date. |
| Enterprise-value multiples | Company value, including debt adjustments, relative to an operating measure. | Use the same approach to enterprise value, net debt and the operating measure for all three. |
Current share prices and comparable valuation multiples are not established by the cited company results. Obtain market prices for a common date and calculate the measures from reconciled accounts rather than treating stale or unmatched ratios as current.
Build a conclusion from the evidence
A useful comparison does not produce a winner from one headline number. First decide whether the question is about Nigerian cement operations or the full listed groups; then compare aligned earnings, cash generation, financing, output, distributions and valuation. State any gaps in the figures and avoid ranking companies on measures that are not comparable.
Company executives’ descriptions of results are management perspectives, not independent assessments. For example, Lafarge Africa CEO Lolu Alade-Akinyemi said the FY2025 results reflected the company’s “4-point strategy, disciplined execution and relentless focus on value creation.” Treat that as management’s characterization and weigh it against the audited figures. Lafarge Africa FY2025 results announcement
Quick Recap
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