BUA Cement Plc (“BUACEMENT” or “The Group”) recently reported its financials for H1-2021 which showed a 26.9% y/y and 24.6% y/y growth in PBT and PAT to N49.7bn and N43.4bn, respectively. This was largely supported by strong growth in topline (+22.7% y/y), which outpaced the increase in Cost of sales (+19.1% y/y), on account of lower energy cost-per-tonne (-1.4% y/y). Profitability was also aided by lower financing charges (-49.9% y/y) and subdued tax charges. Below, we assess the cement manufacturer’s H1-2021 numbers and provide our outlook for FY-2021 and beyond.