Within three months, Nigerians spent N769.96 billion on cement, with BUA and Lafarge Wapco failing to grow their net profit in the third quarter (Q3) of 2023.
According to the analysis of the financial statements released by Dangote Cement, BUA and Lafarge, the sector saw about a 46.24 percent increase in revenue, which rose from N526.52 billion in Q3 2022, to N769.96 billion in Q3 2023.
The revenue growth fell below the industry’s cost of production, as it increased by 50.40 percent, with the producers spending N377.88 billion on manufacturing their products in Q3 2023, compared to N251.25 billion spent in the same period last year.
