- As EPS grows 48.8% with 57.5% expansion in OPEX
BUA Cement Plc (BUACEMENT) released its Q2-26 unaudited results on Thursday reporting a 48.8% y/y increase in EPS to NGN4.39 (Q2-25: NGN2.95), bringing H1-26 EPS to NGN9.59 (H1-25: NGN5.34).
Profit before tax (PBT) increased by 66.7% y/y to NGN191.75 billion, while profit after tax (PAT) rose by 48.8% y/y to NGN148.50 billion, following a tax expense of NGN43.25 billion.
The earnings expansion was underpinned by a 29.2% y/y growth in revenue, a 642bps y/y expansion in EBITDA margin to 54.3%, and a net FX gain of NGN3.56 billion (Q2-25: net FX gain of NGN1.62 billion).
BUACEMENT’s revenue grew by 29.2% y/y in Q2-26 (H1-26: +25.6% y/y), supported by a combination of sustained pricing and improved volume offtake.
By segment, bagged cement sales rose by 20.3% y/y (93.1% of total revenue), while bulk cement sales expanded by 242.9x y/y (6.9% of revenue), reflecting the continued scale-up of the bulk distribution channel to contractors.
On a q/q basis, revenue increased by 5.3%. Gross margin expanded by 922bps y/y to 60.2% (H1-26: +924bps y/y to 58.6%), as revenue growth outpaced cost of sales growth (+4.9% y/y).
The modest growth in cost reflects higher energy costs (+29.2% y/y), which outweighed gains from relative exchange rate stability and a sustained reduction in operations and maintenance service charges (+8.2% y/y).
Meanwhile, EBITDA and EBIT margins expanded by 642bps and 763bps y/y to 54.3% and 51.3%, respectively, in Q2-26 (H1-26: +758bps and +865bps y/y to 54.1% and 50.9%).
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