Nigerian cement producers, Dangote, Lafarge and BUA rode on the continued high cost of the product to grow their profit to N1.93 trillion.
This is a 31.2% increase when compared to N1.47 trillion generated in 2020.
The revenue increase comes as Nigerians’ construction activities in the economy picked up in the past year.
Data obtained from the financial statements submitted to the Nigerian Exchange on Friday showed Dangote Cement in 2021 made N1.38 trillion surging by 33.8% compared to N1.03 trillion generated.
A revenue breakdown showed that N956.96 billion was made from domestic sales, while N36.44 billion was generated from export sales.
Lafarge Africa on its part increased its revenue to N293.1billion a 27.1%
Increase when compared to the N230.57 billion recorded in 2020.
The revenue breakdown of the company showed that N285.12 billion was made from the sales of cement, N7.63 billion from the sales of aggregate and concrete, while the company made N338.6 million from the sale of mortar.
BUA Cement earned N257.33 billion in 2021, a 22.9 per cent increase over the previous year’s total of N209.44 billion.
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