Dangote Cement Plc, BUA Cement Plc, and Lafarge Cement Plc, the three cement producers listed on the Nigerian Exchange Limited (NGX), collectively generated N604.89 billion in revenue in the first quarter of 2023.
The figure was a marginal increase of 0.68% over the N600.7 billion reported by the companies in the corresponding quarter of 2022.
Analysis by Ripples Nigeria revealed that Dangote Cement retained its position as the most profitable cement company in Nigeria by posting N406.72 billion as revenue in Q1 2023.
However, this was lower than the N413.18 billion reported by the company in the same period last year.
Dangote Cement’s profit for the period dropped to N109.501 billion due to taxes and high production costs.
In particular, the cost of producing cement, including salaries and plant maintenance expenses, totaled N163.671 billion during the period.
BUA Cement reported the second-highest revenue among Nigerian cement makers in Q1 2023 with N106.35 billion, up from N96.98 billion posted in the same period last year.
Meanwhile, Lafarge Cement recorded sales of N91.82 billion in Q1 2023, an increase from N90.60 billion reported in Q1 2022.
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