Industry Revenue Breakdown:

• Cement production: 100% (2025)

TOP 3 Markets:

• Nigeria: approx. 85%
• West Africa (excluding Nigeria): approx. 10%
• Central Africa: approx. 5%

BUA Cement Plc generates all its revenue from cement production. The largest market is Nigeria, which accounts for the majority of revenue due to strong construction activities and infrastructure projects. West Africa and Central Africa also contribute to the revenue, but to a much lesser extent. The focus on the domestic market is typical for companies in the cement industry, as transportation costs and regional demand play a significant role.

Production sites of BUA Cement Plc:

1. Kalambaina, Sokoto State
2. Okpella, Edo State

BUA Cement Plc mainly produces its cement products at two major locations in Nigeria. The production plants are located in Kalambaina in Sokoto State and in Okpella in Edo State. These strategically chosen locations enable the company to efficiently serve both the northern and southern markets of Nigeria.

Expansion of Production Capacity: Planned increase to 17 million tons per year (by 2025)

Market Expansion: Strengthening presence in West Africa

Sustainability Initiatives: Investments in environmentally friendly technologies

BUA Cement Plc is pursuing a growth strategy based on expanding its production capacities. By 2025, the company plans to increase its annual production capacity to 17 million tons. This will be achieved through the construction of new production facilities and the modernization of existing plants.

In addition, BUA Cement is focusing on expanding into the West African market to increase its market share in the region. This includes both expanding distribution networks and forming strategic partnerships.

Another focus is on sustainability. The company is investing in environmentally friendly technologies to reduce CO2 emissions and improve energy efficiency. These measures are intended not only to reduce environmental impact but also to lower operating costs in the long term.

Imported raw materials: Gypsum, coal, limestone

Countries of origin:

• Gypsum: Spain, Turkey
• Coal: South Africa, Colombia
• Limestone: Local sources in Nigeria, but also imported from India when needed

BUA Cement Plc imports raw materials essential for cement production. Gypsum is mainly sourced from Spain and Turkey, as these countries have high-quality deposits. Coal, used as fuel in the production furnaces, is imported from South Africa and Colombia to ensure a consistent supply.

Limestone, the main component of cement, is primarily sourced from local deposits in Nigeria. However, limestone is also imported from India when needed or for quality improvement. This diversification of sources ensures raw material supply and supports the production capacities of BUA Cement.

Market share: Approximately 20% (2023)
Production capacity: 11 million tons per year (2023)
Revenue growth: 10% (2023)

BUA Cement Plc has a significant competitive advantage in the Nigerian cement industry, which is manifested through several factors. Firstly, with a market share of around 20% in 2023, the company is one of the leading players in the industry. This strong market position is supported by a high production capacity of 11 million tons per year, enabling BUA Cement to effectively meet demand and leverage economies of scale.

Secondly, the company has consistently recorded revenue growth of about 10% in recent years, indicating an effective business strategy and strong demand for cement in the region. The expansion of infrastructure in Nigeria and West Africa continues to offer growth opportunities that BUA Cement can capitalize on through strategic investments and expansions.

Additionally, BUA Cement benefits from vertical integration, allowing it to reduce costs and optimize the supply chain. Together, these factors give the company a sustainable competitive advantage in a growing market environment.

Institutional Investor Share: 22% (estimated for 2025)
Insider Buys/Sells: No significant transactions reported in 2025

The institutional investor share in BUA Cement Plc is approximately 22%. This indicates a moderate interest from institutional investors, suggesting confidence in the company's stability and growth potential.

No significant insider buys or sells were reported in 2025. This could indicate that the management and other insiders do not currently expect significant changes in the company's value, or that they are satisfied with the current valuation.

Market share of BUA Cement Plc: 20% (2025, estimated)

Top competitors and their market shares:

1. Dangote Cement Plc: 60% (2025, estimated)
2. Lafarge Africa Plc: 15% (2025, estimated)
3. Ashaka Cement: 3% (2025, estimated)
4. Unicem: 1% (2025, estimated)
5. Sokoto Cement: 1% (2025, estimated)

BUA Cement Plc is one of the leading cement manufacturers in Nigeria, holding a significant market share of approximately 20%. The largest competitor, Dangote Cement Plc, dominates the market with an estimated share of 60%, attributed to its extensive production capacity and strong brand presence.

The moat of BUA Cement lies in its strategic geographical location and the efficiency of its production facilities, allowing the company to keep production costs low and optimize logistics. Additionally, BUA Cement has heavily invested in expanding its production capacities in recent years, strengthening its competitiveness.

In comparison, Dangote Cement has a stronger moat supported by its market leadership, extensive resources, and a wide product range. Lafarge Africa benefits from its international experience and technological expertise, also representing a significant moat.

Overall, BUA Cement has a solid, though not insurmountable, moat compared to its main competitors, especially Dangote Cement, which continues to dominate the industry.

Revenue Growth: 10% (2024) Profit Growth: 8% (2024) Market Share in Nigeria: 20% (2024)

BUA Cement Plc has experienced solid revenue and profit growth in recent years. The company benefits from the increasing demand for cement in Nigeria, one of the largest markets in Africa. With a market share of 20%, BUA Cement is one of the leading providers in the region.

The strategic expansion of production capacities and investments in new technologies have positioned the company strongly in the competitive landscape. Additionally, BUA Cement has benefited from urbanization and infrastructure projects in Nigeria.

In the long term, BUA Cement could continue to benefit from the economic development in Nigeria and the region. However, investors should also consider the risks associated with the volatility of raw material prices and political stability in the region.

Dividend Yield: 4.5% (estimated for 2025)
Dividend History: Regular payouts in recent years

BUA Cement Plc has regularly distributed dividends to its shareholders in recent years, indicating a reliable dividend policy. The estimated dividend yield of 4.5% for 2025 is based on historical payouts and the company's financial stability.

The company holds a strong market position in the Nigerian cement industry and demonstrates continuous growth, contributing to the stability of dividend payments. Analysts expect BUA Cement to continue its dividend policy unless significant economic or company-specific challenges arise.