Abdul Samad Rabiu’s BUA Cement Reports $118.8 Million Q1 Revenue Surge

Nigerian billionaire Abdul Samad Rabiu’s BUA Cement has recently made headlines with its staggering Q1 revenue surge, hitting a remarkable $118.8 million. Rabiu, whose fortunes place him as the sixth-richest person in Africa, boasts an impressive 96 percent stake in BUA Cement, a cornerstone of his wealth.

The company spearheaded by Rabiu unveiled its financial performance for the first quarter of 2024, showcasing a resilient revenue growth that soared past $110 million. However, amidst this revenue triumph, the company grappled with a noticeable profit decline, besieged by escalating costs and currency devaluation.

Bua Cement’s impressive revenue growth

In its unaudited financial report for the quarter ending March 31, 2024, BUA Cement reported a staggering 51.51 percent year-over-year surge in revenue, catapulting to N161.13 billion ($118.85 million) compared to N106.35 billion ($78.45 million) in the same period last year. This surge solidifies BUA Cement’s stature as a leading cement producer in Africa.

While revenue soared, profit took a hit, declining by 32.95 percent. Profits dwindled to N17.97 billion ($13.25 million) from N26.80 billion ($19.77 million) in Q1 2023. Rising energy and raw material costs, coupled with the devaluation of the Nigerian naira, led to a foreign exchange loss of N10.055 billion ($7.42 million) during the quarter.

Under Rabiu’s visionary leadership, BUA Cement, operating under the expansive BUA Group, maintains its position as Nigeria’s second-largest cement company. With an installed capacity of 11 million tonnes per year, BUA Cement stands as a testament to Rabiu’s commitment to driving industrial growth in Africa.