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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NEM Insurance Plc has announced a 67% rise in pretax profit to ₦5.8 billion for the third quarter of 2025, up from ₦3.4 billion in the same period last year, driven by strong premium growth and robust investment performance.

For the first nine months of the year, pretax profit climbed to ₦23.7 billion, compared to ₦15.7 billion in 2024. Insurance revenue rose 33% in Q3 to ₦32 billion, while the nine-month figure jumped 55% year-on-year to ₦107.4 billion.

After deducting ₦24.2 billion in insurance service expenses and ₦5.7 billion in reinsurance costs, the company’s insurance service result stood at ₦1.9 billion, slightly lower than the ₦2.8 billion recorded a year earlier.

However, investment income more than tripled, with net investment results rising 223% to ₦5.8 billion. Interest income contributed ₦3.8 billion, mainly from fixed deposits, while fair value gains from quoted securities added ₦2.9 billion.

Combined insurance and investment income reached ₦7.6 billion, up 66% year-on-year. After management expenses of ₦1.8 billion, post-tax profit stood at ₦5.02 billion a 72% increase over 2024.

On the balance sheet, total assets grew to ₦165.4 billion from ₦121.9 billion, with financial investments at amortized cost making up ₦74.7 billion and reinsurance contract assets at ₦34.6 billion. Total equity rose 24% to ₦80.9 billion, driven by retained earnings, which increased to ₦53.4 billion.

Total liabilities climbed to ₦84.4 billion, mainly from insurance contract liabilities of ₦69.3 billion. During the period, NEM Insurance received ₦122.2 billion in premiums, up 43%, and paid ₦30.5 billion in claims, representing a 104% increase year-on-year

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Dangote Cement has posted an impressive ₦2.07 trillion in revenue for the first six months of 2025, setting the pace for another record year in Nigeria’s manufacturing sector. The company achieved this milestone despite lower sales volumes and higher operating expenses, underlining its pricing strength and resilience.

With revenue for H1 2025 already accounting for more than 57% of last year’s full turnover, the company has reinforced its position as Africa’s largest cement producer.

Operations and Structure
Dangote Cement runs its business through two core divisions:

• Nigeria Operations – overseeing domestic production, sales, and distribution.

• Pan-Africa Operations – covering subsidiaries in more than nine countries, exporting cement and clinker to meet regional demand.

Its main plants are located in Obajana (Kogi State), Gboko (Benue State), and Ibese (Ogun State), supplying millions of tonnes of cement annually.

Key Drivers of Growth

Revenue rose 17.7% year-on-year, climbing from ₦1.76 trillion in H1 2024 to ₦2.07 trillion in H1 2025. This growth came even as volumes dropped 4.08% to 13.37 million tonnes, showing that higher pricing and resilient demand outweighed lower output.

The company maintained strong operational efficiency, with an inventory turnover of 1.23x and a receivables turnover of 14.61x, reflecting faster sales and payments.

Regional and Product Performance

Cement and clinker sales made up 99.99% of total revenue, confirming the company’s reliance on its core product. By geography:

• Nigeria: ₦1.44 trillion (67.89%)

• Pan-Africa: ₦682.12 billion (32.11%)

Nigeria’s share rose from 55.12% in H1 2024, while Pan-African contribution declined slightly due to eliminations and softer demand.

Profitability Gains

Operating profit surged 47% year-on-year to ₦810.98 billion, while pre-tax profit soared 149% to ₦730.03 billion. Gross profit stood at ₦1.22 trillion, with a margin of 58.8%.

Finance costs dropped significantly to ₦102.91 billion from ₦307.72 billion, supported by a quadrupling of finance income. Net income margin jumped to 25.12%, compared to 10.79% last year.

Liquidity and Market Standing

Receivables grew 43% to ₦166.98 billion, inventories rose 6.96% to ₦716.29 billion, while cash and cash equivalents fell 14.66% to ₦383.90 billion.

In Nigeria, Dangote Cement remains the market leader against BUA Cement and Lafarge Africa. Globally, it competes with LafargeHolcim and HeidelbergCement, but its domestic scale gives it unmatched dominance.

Bottom Line
Dangote Cement’s half-year performance highlights its role as the backbone of Nigeria’s construction sector and a key player in Africa’s industrial growth. Turning ₦2.07 trillion sales into ₦730 billion profit in six months demonstrates the strength of its model balancing scale, pricing power, and efficiency.

The company continues to prove why it is Africa’s cement powerhouse.

Source: Nairametrics

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