Abdul Samad Rabiu’s BUA Cement triples 2025 profit to N356bn

BUA Cement Plc, controlled by Nigerian billionaire Abdul Samad Rabiu, says it has staged a sharp earnings rebound, tripling profit in 2025 as revenue climbed above the trillion naira mark and the company moved to lighten its balance sheet.

The cement maker reported profit after tax of N356.04 billion for the year ended Dec. 31, up from N73.91 billion a year earlier, according to its audited financial statements approved by its board on Feb. 26. Revenue from contracts with customers rose 34.6% to N1.179 trillion from N876.47 billion.

Pre tax profit jumped to N465.28 billion from N99.63 billion, while income tax expense rose to N109.24 billion from N25.72 billion, reflecting the size of the profit swing.

BUA Cement’s board is recommending a cash dividend of N10 per share, up sharply from N2.05 in the prior year, a step likely to please shareholders after a period in which many Nigerian companies faced pressure from currency moves, higher financing costs and volatile consumer demand.

The company also pointed to a healthier capital structure. It said it cut its gearing to 37%, a sign that management is trying to reduce the strain of debt in a market where interest rates and funding costs can change quickly.

Cement demand in Nigeria is closely tied to construction activity, government infrastructure spending and the pace of private building, making the sector a bellwether for the broader economy. BUA Cement, one of the country’s largest producers, has built its business around serving large cities and growth corridors where housing and public works remain a constant need, even as household purchasing power is squeezed.

Rabiu, who chairs the company, has made cement a central pillar of his wider industrial empire, alongside sugar and other consumer staples. His cement business competes in a market where scale matters, with companies racing to secure limestone, manage energy costs and keep distribution networks working across long distances.

One detail in the audited report underscored how local the shareholder base remains. The company’s shareholding breakdown as of Dec. 31, 2025 showed foreign holdings were negligible, with individuals and corporate shareholders holding the bulk of shares.

Analysts who follow the sector typically watch two signals in years like this: whether profit growth is backed by steady cash generation and whether management can keep leverage trending lower while still investing in capacity and logistics. BUA Cement’s latest numbers, and the dividend hike that follows, suggest the company is leaning into a confidence message, even as Nigeria’s operating environment stays unpredictable.

BUA Cement did not frame the results as a victory lap. Still, the combination of surging profit, revenue growth and a higher payout sets a new marker for a company that is trying to balance expansion with financial discipline in Africa’s largest cement market.