Dangote Leads as Cement Produces Smile To the Bank With Over N1.9trn Revenue

• Dangote, Lafarge, and BUA, Nigeria's three largest cement companies, have reported a significant rise in revenue
• The huge profit comes as Nigerians continue to bemoan the country's skyrocketing cement costs
• The three firms' audited financial results show a profit of over N1.9 trillion in the fiscal year 2021

The year 2021 was a great one for Nigerian Cement producers, Dangote, Lafarge and BUA as they rode on the continued high cost of the product to grow their profit to N1.93 trillion.

The amount generated in 2021 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.

Breakdown

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 in 2020

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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, Nairametrics reports.

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Meanwhile Legit.ng in an earlier report revealed that Zenith Bank is starting 2022 as the most valuable commercial bank in Nigeria as the total value of Nigerian bank closed at N194.5 billion.

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In second-most valuable bank is Guaranty Trust Bank followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Also, the aggregate market cap of all the banks under review went up by N46.6 billion to stand at N3.84 trillion.

Source: Legit.ng