The revenue generated from the sales of cement in Nigeria skyrocketed in 2021 with big industry players including Dangote Cement, BUA Cement and Lafarge making huge improvements in revenue.
The huge sales in 2021 saw these three companies grow their revenues by over N1.93 trillion, according to their audited financial records.
The amount generated in 2021 is a 31.2% increase when compared to N1.47 trillion generated in 2020.
Dangote Cement, the biggest among all the industries accounted for over 71% of all the revenue made in the cement industry, raking in a whooping N1.38 trillion out of the total N1.93 trillion jointly made by the three companies.
According to Financial statements submitted to the Nigeria Stock Exchange, the N1.38 trillion made by Dangote Cement surged by 33.8% compared to N1.03 trillion generated in 2020.
The revenue breakdown showed that N956.96 billion was made from domestic sales, while N36.44 billion was generated from export sales.
Lafarge Africa on its part increased its revenue to N293.1billion a 27.1% increase when compared to the N230.57 billion recorded in 2020.
The revenue breakdown of the company showed that N285.12 billion was made from the sales of cement, N7.63 billion from the sales of aggregate and concrete, while the company made N338.6 million from the sale of mortar.
BUA Cement earned N257.33 billion in 2021, a 22.9 per cent increase over the previous year’s total of N209.44 billion.