BUA Cement and Dangote Cement are the two giant cement producers in Nigeria and among the stocks worth over one trillion Naira (SWOOT) on the Nigerian Stock Exchange (NGX).
While Dangote Cement is the second most capitalized stock with a market capitalization of N10 trillion, BUA Cement ranks fifth with a market capitalization of N5.49 trillion.
Both companies released their latest financial results for the nine months ending September 30, 2025.
In October 2025, both companies saw significant share price movements.
This performance shows that in terms of share price valuation, BUA Cement has outperformed Dangote Cement.
Let us look at how they fared in terms of financial performance.
In the first nine months of 2025, Dangote Cement produced 19.9 million tonnes of cement, slightly down from 20.5 million tonnes in the same period in 2024.
In contrast, BUA Cement increased its production significantly in 9M 2025, reaching 13.2 million tonnes, up from 10.4 million tonnes in 9M 2024, reflecting a 27% year-on-year growth.
Dangote Cement leads in production volume and scale, but BUA Cement stands for its impressive growth in production.
From 2020 to 2024, Dangote Cement’s revenue grew from N1.03 trillion to N3.58 trillion, reflecting a CAGR of 37%.
On the other hand, BUA Cement’s revenue climbed from N209.47 billion in 2020 to N876 billion in 2024, with a CAGR of 43%.
Verdict:
Cost management and margins
In 9M 2025, Dangote Cement posted a gross profit of N1.87 trillion, a 41% YoY increase, maintaining a strong gross margin of 59%.
BUA Cement, in the same period, also posted a strong performance:
Verdict: The decision is split:
Verdict: The decision is split:
Dangote Cement has shown consistent growth in profitability.
BUA Cement also achieved impressive profit growth, but at a much slower pace:
Verdict:
Balance sheets
Dangote Cement’s total assets stood at N5.74 trillion, with N2.436 trillion in equity, resulting in an equity multiple of 2.36x.
BUA Cement reported total assets of N1.63 trillion, with N609 billion in equity, reflecting an equity multiple of 2.68x.
Its borrowings stood at N472.57 billion, resulting in a debt-to-equity ratio of 0.78, down from 1.27 in December 2024.
Verdict:
Dangote Cement has been consistent in dividend payment. Over a decade, the company has paid dividends.
BUA Cement has been consistent in dividend payment.
Verdict:
Dangote Cement leads in dividend payouts and payout ratio, offering higher returns for shareholders.
Dangote Cement’s market cap is N10 trillion, with shares trading at N594, reflecting a 21.41% increase YTD.
BUA Cement’s market cap is N5.49 trillion, with a 74% gain YTD, but its P/E ratio of 17.4x suggests that it is trading at a premium, reflecting high growth expectations but potentially higher risk.
Verdict:
Dangote Cement wins in terms of valuation, as its stock is more reasonably priced relative to its earnings.
Bottom line
In the battle between Dangote Cement and BUA Cement, both companies demonstrate impressive achievements.
Dangote Cement leads in terms of scale, profitability, cash flow generation, and dividend payouts, solidifying its position as the dominant player in the market.
However, BUA Cement excels in growth and margins, with strong improvements in production.