BUA Cement Plc has announced its unaudited financial results for the first quarter ended March 31, 2026, revealing a substantial increase in profitability. The company posted a pre-tax profit of N192.88 billion, a significant jump from N99.7 billion recorded in the same period in 2025.

This impressive performance was fueled by a robust increase in revenue, with quarterly sales climbing to N355 billion from N288 billion in Q1 2025. The company noted that apart from revenue growth, a considerable rise in interest income and nearly flat cost of sales also contributed to the enhanced bottom-line profitability.

Consequently, profit after tax surged to N176 billion, up from N81 billion in Q1 2025. Earnings per share also saw a dramatic increase, rising to N5.21 from N2.40 in the prior year's quarter.

Key financial metrics for Q1 2026 compared to Q1 2025 include:

• Revenue: N354.979 billion, up 23.37% Year-on-Year (YoY)
• Cost of sales: N153.079 billion, up 0.67% YoY
• Gross profit: N201.899 billion, up 45.63% YoY
• Operating profit: N179.509 billion, up 63.19% YoY
• Finance income: N11.278 billion, up 636.34% YoY
• Finance costs: N161.7 million, down 99.59% YoY
• Net finance cost: N13,013.3 million, up 1654.15% YoY
• Earnings per share: N5.21, up 117.60% YoY
• Total assets: N1.387 trillion, up 2.15% YoY
• Shareholders funds: N849.277 billion, down 2.68% YoY
• Retained earnings: N638.693 billion, up 38.15% YoY

Managing Director Yusuf Binji commented on the results, stating, "It is encouraging to see our results and organizational transformation aligning so well. Revenue growth remained strong as we continue to meet cement demand, including in the bulk segment." He also highlighted progress in their business transformation program, including the realignment of the Transport Department.

Looking ahead, Binji indicated that the company's focus will be on further reducing operating costs through optimization and enhanced monitoring, while increasing brand penetration, particularly in new markets.

The company's financial statements indicate that revenue was predominantly driven by sales of bagged cement, which constituted over 95% of total revenue. The near-flat growth in the cost of sales significantly aided profitability. Reductions in operation and maintenance service charges to N31.41 billion from N52.9 billion in Q1 2025, and a decrease in energy consumption to N67 billion, helped moderate the overall cost of sales.