Nigeria’s leading cement manufacturing companies expanded by a whopping N715.89 billion in the third quarter (Q3) of 2023.
A breakdown of the recently released financial statements of the companies indicates, News About Nigeria reports.
The three cement companies, which comprises Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc, have contributed to the growing wealth of value investors despite the nation’s heightened economic uncertainty.
During the period under review, Dangote Cement Plc, Nigeria’s most valued listed company, grew by 19.29 percent from N4.85 trillion market capitalisation reported on June 30, 2023, to N5.79 trillion as of the end of September 30, 2023.
While Lafarge Africa increased its market capitalisation by N7.24 billion to N482.42 billion in the period under review, up from N475.17 billion filed in June 2023.
However, BUA Cement reported a decline in its value in the period. According to the company’s financial statement, market capitalisation contracted by N228 billion in the third quarter to N2.89 trillion from N3.12 trillion achieved on June 30, 2023, following a 6.75 percent decline in its share value.
Despite these fluctuations, Lafarge Africa remains optimistic about the future of the construction sector in Nigeria.
In the company’s economic outlook released with its financial results, it said, “The Nigerian Infrastructure and Construction Sector are expected to continue to grow despite inflationary pressure on purchasing power. As a result, we maintain our positive outlook, with market recovery expected for the second half of the year.
“We will continue to maximize volume opportunities across our markets and actively manage our costs.
“The company remains committed to its sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery of stakeholder value.”
