BUA Cement, owned by Nigerian billionaire Abdul Samad Rabiu, reported a record Q1 revenue of $118.8 million. Rabiu, Africa’s sixth-richest individual, owns an astonishing 96% interest in BUA Cement, which is a cornerstone of his wealth.
Rabiu’s company revealed its financial results for the first quarter of 2024, demonstrating steady revenue growth that surpassed $110 million. Despite this revenue success, the company had a notable profit decline due to rising costs and currency devaluation.
In its unaudited financial report for the quarter ended March 31, 2024, BUA Cement recorded a startling 51.51 percent year-over-year increase in sales, which jumped to N161.13 billion ($118.85 million) from N106.35 billion ($78.45 million) in the same period last year. This spike strengthens BUA Cement’s position as Africa’s biggest cement producer.
While revenue soared, profit fell by 32.95 percent. Profits decreased to N17.97 billion ($13.25 million) from N26.80 billion ($19.77 million) in Q1 2023. Rising energy and raw material costs, combined with the devaluation of the Nigerian naira, resulted in a foreign exchange loss of N10.055 billion ($7.42 million) during the quarter.
Under Rabiu’s innovative leadership, BUA Cement, part of the BUA Group, remains Nigeria’s second-largest cement manufacturer. BUA Cement’s installed capacity of 11 million tons per year demonstrates Rabiu’s commitment to driving African industrial growth.
