BUA Cement recorded 27% year-on-year growth in sales in 2023, to US$300m. This was in spite of ‘economic challenges,’ including a rate of inflation of the Nigerian Naira of 30% at the end of the year. Costs rose by 39% to US$180m, both due to inflation and energy crises. Nonetheless, the group grew its earnings
Dangote Cement felt compelled to issue a statement clarifying its prices at the end of August 2023. In the release it stated what its ex-factory price was in Nigeria and added that transport costs and the location of a delivery could add additional expense. It made the declaration in response to alleged “misinformation” on social
Raw material costs for a group of major local manufacturers – including BUA Cement, Dangote Cement and Lafarge Africa – accounted for 24% of revenue in 2022. The increase in the cost of raw materials was driven by a shortage of foreign currency, raw material availability, logistics issues at ports and rising energy costs, according