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Compare Dangote Cement with BUA Cement and Lafarge Africa using the same financial year, audited group accounts and clearly matched definitions. Put earnings and margins alongside cash flow, debt, operating volumes, capacity, dividends and same-date share valuations. Dangote’s greater scale or a peer’s faster profit growth alone does not show which share is the better investment.
Which listed companies should you compare?
The relevant listed Nigerian cement-company peers to place beside Dangote Cement Plc are BUA Cement Plc and Lafarge Africa Plc. Start with their official financial disclosures, then check the full annual reports before drawing conclusions from headline figures.
FY2025 is the common completed financial year represented in the results announcements cited here. Dangote Cement’s investor-relations page reports group revenue of ₦4,306.7 billion and group EBITDA of ₦1,981.3 billion for FY2025 (Dangote Cement investor relations). BUA Cement’s FY2025 announcement reports revenue of ₦1.2 trillion, gross profit of ₦604.1 billion, profit after tax (PAT) of ₦356 billion and earnings per share (EPS) of ₦10.00 (BUA Cement financial reports). Lafarge Africa’s FY2025 announcement reports revenue of ₦1.1 trillion, operating profit of ₦392 billion, PAT of ₦273 billion and EPS of ₦17 (Lafarge Africa financial reports).
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These are company-reported announcement figures, not a complete like-for-like performance ranking. The selected BUA and Lafarge figures do not represent every common profit line, and the available highlights do not establish a full cash-flow and balance-sheet comparison across all three companies. Reconcile each figure with the audited statements, including accounting scope and any exceptional items, before calculating ratios.
#1 Best Overall
- Essential Cement Testing: Specifically designed to determine the Initial Setting Time and Final Setting Time of hydraulic cement pastes, crucial for construction quality control.
- Standard Consistency Determination: Includes the necessary plunger and equipment to accurately find the Standard Consistency of cement samples, conforming to industry standards.
- High Precision Reading: Features a clear, calibrated scale in millimeters (MM) for precise measurement of needle penetration depth during testing.
- Complete Testing Kit: Supplied as a full set, including the main frame, a Brass Vicat Mold (or Mould), a removable Plunger, and both the Initial and Final Setting Needles, along with a Glass Plate.
- Durable & Robust Construction: Built with a sturdy Cast Iron Base and bright metallic moving parts to ensure stability and longevity in a demanding laboratory environment.
Align the comparison before judging performance
Use the same period and reporting scope
Compare a full financial year with the same full financial year; do not put one company’s full-year result beside another’s half-year result. Also distinguish group totals from Nigeria-only operations. Dangote Cement operates in several African countries, so its group revenue and EBITDA are not directly equivalent to a domestic-only measure. Where reports disclose Nigerian segment data, use it for a Nigeria-market comparison and label the scope explicitly.
Match accounting lines and units
Put revenue, gross profit, operating profit, EBITDA and PAT beside one another only where the reports provide comparable lines. Calculate margins from the same statement definitions: for example, operating margin should use operating profit divided by revenue, not an announcement’s differently defined measure. Convert amounts to one currency unit—such as ₦ billion—and retain the original period and group or segment scope beside every number.
Rank #2
- 72hr Lab Fee Included - No further costs to process your sample
- PLM Testing Method - Your results will tell you which kind of asbestos was detected along with a percentage concentration
- 3 Day Results (All samples are tested within 72hrs of receipt)
- Perfect for testing Popcorn Ceilings, Cement, Siding, Guttering, Boarding & Floor Tiles
For growth rates, verify the current and prior-year figures in the audited accounts. BUA’s FY2025 announcement reports revenue growth of 34.5% and PAT growth of 381.7%; Lafarge Africa’s reports revenue growth of 53% and PAT growth of 173%. Treat these as management-reported year-on-year results, not forecasts, and inspect the underlying amounts for base effects or unusual items before interpreting a sharp increase.
Compare scale, capacity and actual output
Installed capacity describes potential production, not cement actually produced or sold. Dangote Cement reports total installed capacity of 55.0 million tonnes per annum across the group and Nigeria capacity of 32.25 million tonnes per annum in its company disclosures (Dangote Cement company profile). Lafarge Africa reports installed capacity of 10.5 million tonnes per annum and identifies plants across several Nigerian regions (Lafarge Africa company information). The cited FY2025 BUA announcement does not state a comparable installed-capacity figure.
Rank #3
- 72hr Lab Fee Included - No further costs to process your sample
- PLM Testing Method - Your results will tell you which kind of asbestos was detected along with a percentage concentration
- 3 Day Results (All samples are tested within 72hr of receipt)
- Perfect for testing Popcorn Ceilings, Cement, Siding, Guttering, Boarding & Floor Tiles
Use each annual report’s production and sales volumes to understand how capacity translates into output. Calculate utilization only when the numerator and capacity denominator share the same geographic and operating scope and a consistent definition. A group-wide capacity figure should not be divided into Nigeria-only sales, for example. Consider plant locations, distribution, energy sourcing, exports and other-country exposure because they affect costs and explain what a group-level comparison means.
Look beyond revenue to profitability and cash
Revenue growth shows sales expansion, but it does not by itself show whether a business is converting sales into profit or cash. Compare gross, operating and EBITDA margins where definitions align, then review PAT and EPS. Check the audited cash-flow statement to see whether reported earnings are supported by operating cash flow, and account for capital expenditure when assessing cash available for debt repayment, dividends or reinvestment.
Rank #4
- Accurate Concrete Workability Testing: Designed for measuring the consistency and workability of fresh concrete during mixing and pouring applications in construction and lab environments.
- Durable Galvanized Steel Construction: Made from galvanized steel for reliable performance in demanding job site and testing conditions. The smooth inner surface of the slump cone reduces concrete adhesion, making it easy to clean.
- Easy Operation: A convenient handle is integrated on the side of the slump cone, which is the core design to improve operational convenience. The handle is ergonomically designed to achieve smooth vertical lifting, easy to operate.
- Complete All-In-One Kit – The set includes all essential components for slump testing: a standard slump cone (12"/300 mm height, 8"/200 mm bottom diameter, 4"/100 mm top diameter), a non-absorbent base plate, a 24" steel tamping rod (5/8" diameter), a concrete shovel, a filling funnel, and a steel ruller.
- Versatile Application Scenarios: Suitable for testing fresh concrete workability in various scenarios, including construction sites, road and pavement projects, building foundations, and material testing lab, ideal for concrete contractors, engineers, and construction professionals.
Read borrowings, cash balances, net debt, finance costs and disclosed foreign-currency exposures together. Debt and interest costs can affect the resilience of earnings, while foreign-exchange exposures can make headline year-on-year profits less comparable. Do not infer financial flexibility from PAT alone.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesAssess dividends and share valuation separately
Compare dividend per share and payout against EPS, operating cash generation, capital expenditure and financing needs. A high dividend is not automatically sustainable if it is not supported by cash generation or leaves insufficient funds for investment.
Best Value
- High Precision: The bulk density tester for powder provides accurate measurement results. There is a level at the bottom to adjust the level. Attention: Data measurement needs to be conducted in a balanced state
- Measurement Principle: Let the powder fall from a funnel(taper 60°±0.5°,Volume 120ml) at a certain height until the measuring cup(100ml) is filled, and weigh a specific volume of bulk powder, which is the bulk density
- High Quality Stainless Steel: The natural accumulation density tester uses thickened stainless steel material for the volumetric meter, with sufficient wall thickness and hardness, durability, and wear resistance. The measuring frame is made of stainless steel to prevent dust from falling during loading
- Stable Base: The powder stacking density tester adopts a fixed stainless steel base, and the base has triangular adjustable screws that can adjust the height according to needs
- Widely Used: Bulk density meter can measure the density of various powders. For example: metal powder, rare metal powder, alloy powder, soil, dye, abrasive, paint, cement, water sediment powder, etc
Valuation requires a common NGX closing-price date and consistently calculated inputs. Once those are available, compare price-to-earnings (P/E), price-to-book, dividend yield and enterprise-value multiples. Use the same earnings period and share-count basis across companies, and define enterprise value consistently using market capitalization, debt and cash. No same-date prices or comparable current multiples are established by the company-result figures above, so those figures cannot support a valuation ranking.
What the FY2025 headlines do—and do not—show
On the cited announcement figures, Dangote Cement reported substantially larger group revenue and EBITDA than the peer revenue totals shown; BUA reported the largest headline PAT among the cited FY2025 announcements, while Lafarge Africa reported ₦273 billion PAT. These are different measures and do not establish which company performed best overall: geography, accounting scope, margins, exceptional items, cash conversion and financing all need reconciliation in the audited statements.
A sound comparison therefore produces several answers rather than a single league-table winner: which company is largest by a defined measure, which is growing, which converts earnings into cash, which carries financing risk, and which share is attractively valued at a specified date. Keep those judgments distinct.
Quick Recap
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