BUA Cement Plc, the Lagos-based cement firm led by Nigeria’s second-richest man Abdul Samad Rabiu, has announced a resilient financial performance for the first six months of its 2023 fiscal year, despite a shaky start.

According to the company’s recently published financial statement, its profit increased by four percent, reaching N63.62 billion ($82.01 million) in H1 2023, up from N61.36 billion ($79.1 million) during the same period in 2022.

The rise in profits can be attributed to a remarkable 17-percent surge in the group’s revenue, which climbed from N188.56 billion ($243.1 million) in the first half of 2022 to N221.06 billion ($284.9 million) in the first half of 2023.

This latest financial performance marks a complete turnaround from the first quarter of 2023, when the company’s profit witnessed a dip of 19.13 percent. During that period, BUA Cement faced challenges as revenue gains were offset by increasing costs and operating expenses.

Despite facing headwinds in its operating environment, BUA Cement has demonstrated its ability to achieve higher profit growth, showcasing the resilience of its business model as a leading cement maker in Nigeria.

BUA Cement’s robust financial performance underscores its ability to weather challenges and solidifies its position as a major player in the Nigerian cement industry. The company’s solid performance is attributed to its position as the second-largest cement firm in the country, with an installed capacity of 8 million tonnes per year.

During the period under review, its retained earnings and total assets also saw significant expansion during the first half of 2023, increasing from N194.88 billion ($251.2 million) and N874.01 billion ($1.126 billion) at the start of the year to N258.5 billion ($333.26 million) and N1.037 trillion ($13.4 billion), respectively.