HBM Nigeria Plc, formerly Lafarge Africa Plc, has reported a strong financial performance for the first half of 2026, recording a 31% increase in revenue and a 57% rise in profit after tax (PAT). The company attributed the growth to higher cement sales volumes, improved operational efficiency, and stronger distribution performance amid sustained demand for building materials.

According to the company’s unaudited financial results for the six months ended June 30, 2026, net sales rose to ₦678.4 billion, up from ₦517.0 billion in the corresponding period of 2025. Profit after tax climbed to ₦208.3 billion, while operating profit increased by 51% to approximately ₦291 billion, reflecting improved cost management and operational excellence.

HBM Nigeria said revenue growth was supported by an 11% increase in sales volume, enhanced plant stability, improved logistics, and continued demand from infrastructure and construction projects across the country. The company also recorded stronger operating margins, which rose from 37% in H1 2025 to 43% in H1 2026, highlighting gains in production efficiency and disciplined cost control.

The company noted that its cement business remained the primary revenue driver, accounting for the vast majority of total sales during the period. It added that strategic investments in operational improvements and distribution efficiency continue to strengthen its competitive position within Nigeria’s building materials industry.

Looking ahead, HBM Nigeria said it remains focused on expanding production capacity, maintaining operational excellence, and creating long-term value for shareholders. The company is also progressing plans for a new three-million-tonne integrated cement production line in Calabar, a project expected to strengthen domestic cement supply and support Nigeria’s growing infrastructure and housing sectors.

Industry analysts say HBM Nigeria’s strong half-year performance reflects continued resilience in the construction materials market despite broader economic challenges. They note that sustained investment in cement production and operational efficiency will remain critical to meeting rising demand from housing, commercial real estate, and infrastructure development across Nigeria.

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Nigeria’s three largest cement manufacturers generated a combined N6.55 trillion in revenue in the 2025 financial year, underscoring strong demand for building materials even as the country and wider Sub-Saharan Africa grapple with deepening housing and infrastructure deficits.

The companies — Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc — recorded a 27 per cent increase over the N5.15 trillion declared in 2024, according to their audited financial statements for the year ended December 2025.

The revenue surge translated into significantly stronger profitability and higher returns to shareholders, even as policymakers continue to confront a housing shortfall estimated at over 51 million units across Africa — a figure projected to expand to 130 million units by 2030.

Revenue Breakdown

Dangote Cement retained its position as the industry leader, posting N4.31 trillion in revenue in 2025, representing a 20.28 per cent rise from N3.58 trillion in 2024.

BUA Cement followed with N1.18 trillion in revenue, marking a 35 per cent increase from N876.5 billion recorded in the prior year.

Lafarge Africa delivered the fastest growth rate among the trio, reporting N1.07 trillion in revenue, up 53.04 per cent from N696.77 billion in 2024.

The revenue growth was driven by a mix of price adjustments, capacity expansion and sustained demand linked to public infrastructure spending, particularly federal government road and transport projects executed during the year.

Profitability Surges

The combined profit before tax of the three firms rose to N2.41 trillion in 2025, a 145 per cent jump from N984.43 billion in 2024.

Dangote Cement accounted for N1.5 trillion in profit before tax, representing a 109 per cent increase from N732.5 billion recorded a year earlier.

BUA Cement posted N465.3 billion in profit before tax, an exceptional 367 per cent increase compared to N99.63 billion in 2024.

Lafarge Africa declared N411.32 billion in profit before tax, reflecting a 170 per cent rise from N152.26 billion in the previous year.

Industry Outlook

A report by World Cement titled Cement 2025 – Uneven Recovery projected that cement demand in Africa would grow between two and three per cent in both 2024 and 2025.

The report noted that although inflation remains elevated in several markets, expected declines in interest rates could stimulate housing demand. It highlighted strong government-backed growth in Algeria, a gradual real estate rebound in Egypt, economic stabilisation in South Africa and mixed conditions in Kenya. However, Nigerian cement demand is expected to moderate in 2025 despite interest rate cuts.

Expansion and Regional Strategy

The Chief Executive Officer of Dangote Cement, Arvind Pathak, described 2025 as a milestone year, citing the commissioning of a three million tonnes per annum grinding plant in Côte d’Ivoire during the third quarter.

He said the company recorded an 18.6 per cent increase in cement and clinker exports, executing 34 clinker shipments to Ghana and Cameroon. According to him, export terminals at Apapa and Onne remain central to the company’s ambition of achieving 10 million tonnes of combined exports by 2030.

Dangote Cement is also advancing expansion projects in Ethiopia, Cameroon, South Africa, Zambia and Senegal, while progressing construction of the six million tonnes per annum Itori plant.

BUA Cement’s Managing Director and Chief Executive Officer, Yusuf Binji, stated that ongoing projects include the Ososo Line-1 and a Sokoto regasification plant. Upon completion, the company’s installed capacity is expected to reach 20 million metric tonnes per annum, positioning it to meet rising domestic and regional demand.

Lafarge Africa announced plans to expand production lines at its Ashakacem plant in Gombe State and Sagamu plant in Ogun State. The expansion will increase capacity at Ashakacem to two million tonnes per annum and Sagamu to 3.5 million tonnes per annum.

Lafarge Africa operates four major plants with a combined installed capacity of 10.5 million tonnes annually. Its facilities are located in Ewekoro and Sagamu in Ogun State, Mfamosing in Cross River State and Ashaka in Gombe State.

Ownership Changes

In 2025, Swiss building materials group Holcim divested its 84 per cent stake in Lafarge Africa in a $1 billion transaction, selling to Chinese firm Huaxin Cement as part of a broader strategy to refocus on core growth markets.

Balancing Growth and Deficit

Despite the impressive financial performance of the cement producers, the scale of Africa’s housing and infrastructure deficit underscores a structural imbalance between supply capacity and effective housing delivery.

Rapid urbanisation, population growth and weak housing finance systems continue to constrain access to affordable homes. While cement output and corporate earnings expand, the broader challenge remains translating industrial growth into inclusive and affordable housing solutions.

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A recent market survey shows that a 50-kilogramme bag of cement now sells for between ₦9,500 and ₦12,000 in many areas. Earlier in March 2025, the price had dropped to ₦7,800 after peaking at ₦15,000 in February 2024.

The continuous rise in cement prices has led to higher building costs and house rents across Nigeria. Many citizens are struggling to afford decent housing.

Speaking on the issue, real estate stakeholder Benjamin Udoka criticized the price hike. “It is painful that Dangote did not replicate his fuel price reduction strategy in cement. In some parts of Abuja, cement costs as much as ₦11,000 per bag. The government must act to control prices and reduce the burden on Nigerians,” Udoka said.

Maryam Abubakar, a resident of Dawaki, also called for immediate action to address the cement price increase in Nigeria.

Aliyu Wamakko, past national president and Board of Trustees member of the Real Estate Developers Association of Nigeria (REDAN), blamed the high prices on poor regulation and rising demand. “Cement consumption in Nigeria is higher than before. Basic economics shows that when demand exceeds supply, prices go up. About 70% of cement materials are sourced locally, yet prices remain high,” he explained.

Wamakko also noted that using cement for road construction adds more pressure to the demand. “The government needs to engage cement manufacturers as it did in March 2025 to reduce prices and ease economic hardship,” he advised.

Efforts to get comments from Dangote Group spokesman Anthony Chijiena and the Federal Competition & Consumer Protection Commission (FCCPC) were unsuccessful.

The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation fell to 22.97% in May. Food inflation is also declining. However, housing costs remain high. For example, the rent for a self-contained apartment in Gwarimpa, Abuja, has risen from ₦700,000 to ₦1.5 million per year.

President Tinubu’s 3,112-unit housing project, started in February 2024, has not been completed. Also, the Senate’s investigation into cement price hikes since 2024 has not produced any results.

The cement price increase in Nigeria continues to worsen the housing crisis. Many stakeholders believe urgent government intervention is needed to protect citizens and stabilize the construction sector.

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The incident was reported on June 22, 2025. The vehicle, a Howo truck with registration number HJA 995 XA, was loaded in Okpella and sent to Abuja for delivery. According to police reports, the driver arrived in Gwagwalada around 6:00 p.m. He parked the truck and went to eat at a restaurant while waiting for the customer. When he returned, the truck had disappeared.

The driver quickly contacted his manager, who used a tracking system to trace the vehicle to the Lambata area. The Divisional Police Officer in Gawu-Babangida led a patrol team to the location. The team recovered the truck along the Lambata-Lapai road with all 900 bags of cement intact.

Police arrested three suspects in connection with the theft. They were identified as Bashir Isah, 22; Ibrahim Yusuf, 21; and Halidu Mohammed, 28. All are residents of the Gbamita area in Lambata. During interrogation, the suspects confessed to the crime. They said they planned to sell the cement to another buyer.

The police have confirmed that the investigation is still ongoing. The Niger State Command has assured the public of its commitment to stopping theft and protecting goods in transit.

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