Lafarge displaces BUA as Nigeria’s second-most profitable cement maker

Lafarge Africa Plc, the third-biggest cement manufacturer in Nigeria, reported the second-highest profit in 2024 after Dangote, overtaking BUA Cement Plc.

The company saw its earnings hit N100.1 billion, compared to BUA’s N73.9 billion. Dangote retained its top spot with a profit of N503.2 billion. 

In April last year, Lafarge launched an innovative and first-of-its-kind water resistant cement in Nigeria.

It said the Watershield Cement “represents a groundbreaking achievement in construction materials, offering unmatched durability and superior water resistance.”

Lolu Alade-Akinyemi, the company’s CEO, said the product represents a safer, more sustainable built environment for current and future generations, offering peace of mind and significant savings in time and resources.

“I am immensely proud to introduce this new Watershield Cement, a product that embodies our company’s spirit of innovation, excellence, and commitment to sustainability,” he added.

MarketsReporters earlier reported that Lafarge saw the most growth in profit among the three biggest players.

Lafarge’s after-tax profit surged by 96 percent to N100.1 billion in 2024. BUA and Dangote saw their earnings rise by 6.3 percent and 10.4 percent respectively.

This comes amid the ongoing sale of Holcim’s 83.8 percent stake in Lafarge Africa to Huaxin Cement which is expected to close this year. Experts say the Chinese acquisition deal valued at $1 billion could further improve Lafarge’s performance and stir up more competition in the country’s cement space.