Dangote, BUA or Lafarge – Who Made the Most Profit in H1 2025?

Nigeria’s cement giants, Dangote Cement, BUA Cement, and Lafarge Africa delivered their strongest half-year performance ever in 2025. 

 With demand soaring from massive government projects and a real estate boom, and with a more stable naira, the industry’s earnings have hit new heights.

Between January and June 2025, the three companies together posted a net profit of ₦834 billion, more than three times what they earned in the same period last year. But when you look closely, the numbers tell different stories about who really came out on top.

Dangote Cement: The Heavyweight Leader

Dangote Cement remains the biggest player by size. Its profit hit ₦520.45 billion in the first six months, almost four times higher than the year before. 

The company continues to benefit from its massive scale and strong cash flow, with cost-saving moves like shifting to CNG-powered trucks.

However, in terms of growth rate and profit margin, Dangote lags behind its rivals. Its profit margin stood at 25.14%, with year-on-year profit growth of 174%. Big numbers, yes, but not the fastest in the pack.

BUA Cement: The Margin Champion

BUA Cement is the standout performer when it comes to efficiency and growth. Its profit jumped from around ₦34 billion last year to ₦180.9 billion this year. That’s a stunning 428% growth rate, the highest among the three.

Its profit margin also led the industry at 31.17%, making it the most profitable on a per-naira basis. For shareholders, the story is even better: BUA delivered a Return on Equity (ROE) of 31.8%, meaning it generated nearly ₦32 profit for every ₦100 invested.

Lafarge Africa: The Surprise Comeback

Lafarge Africa may be third in absolute profit, with ₦132.67 billion earned, but it is the real comeback story. The company cleaned up its balance sheet, reduced foreign exchange losses, and tightened operations.

In efficiency, Lafarge is actually ahead of its peers. Its Return on Assets (ROA) was 13%, higher than both Dangote and BUA, meaning it made the best use of its assets. Even more striking, its net cash flow grew by 340% year-on-year, far above Dangote’s 112% and BUA’s 140%.

And investors noticed. Lafarge’s stock price surged 85.9% year-to-date, the strongest performance in the sector.

Who Really Won H1 2025?

• In sheer size and profit volume: Dangote Cement still dominates.
  
• In margins and growth rate: BUA Cement wears the crown.
  
• In efficiency and market sentiment: Lafarge Africa takes the prize.
  

So, the answer depends on what you measure—Dangote remains king of scale, BUA shines with fat margins, and Lafarge is the efficiency star that surprised the market.

What to expect

Analysts expect 2025 to be a record-breaking year for the industry. Dangote is projected to cross the ₦1 trillion profit mark by year-end. BUA could nearly quintuple last year’s earnings, while Lafarge is expected to keep riding on its efficiency gains.

One thing is certain: with government infrastructure projects and real estate expansion showing no signs of slowing, Nigeria’s cement makers are cementing their place as some of the most profitable companies in the country.