In its recently released unaudited Q1 2024 results, BUA Cement reported a 51.5% y/y Revenue growth to N161.13bn in Q1 2024 from N106.35bn in the prior period (Q1 2023). Similarly, on a q/q basis, Revenue was up by 29.8% from N124.14bn in Q4 2023. While no information has been provided on the Revenue breakdown, we attribute the company’s top line growth to increases in both price and volume.
International Breweries showed repressed performance across key metrics in 2023. The renowned trophy lager brewer recorded Revenue growth of 19.2% y/y to N260.6bn, amidst the nation’s high inflation which has weakened consumer purchasing power. Throughout the year, sales volume remained sluggish as consumers adjusted their spending patterns toward essential items. Nevertheless, and in line with our expectation, there was a slight uplift in demand during the holiday season, offering a modest cushion to overall sales volume. This was evident in the fourth quarter, where sales soared by 38.3% to N80.5 bn, compared to the preceding quarter.
Dangote Cement's unaudited Q1 2024 results showed a 101% y/y growth in Revenue, reaching N817.35 billion compared to N406.72 billion in Q1 2023. Q/q, the company's performance remained robust, with Revenue increasing by 17.9% from Q4 2023's N693.49 billion. This remarkable growth is attributed to a combination of price hikes and increased sales volume.
Unilever Nigeria PLC held a conference call on 23 April 2024 to review its recently released Q1'24 financial results and provide guidance on the company's strategic initiatives for the future. Below are key highlights of the call.
Lafarge Africa reported Revenue growth of 8.6% y/y to N405.50bn for FY 2023 from N373.25bn in the prior period (FY 2022). Similarly, on a q/q basis, Revenue was up by 27.4% to N116.42bn in Q4 2023 from N91.40bn in Q3 2023. The broad-based growth in cement sales (up 8.5% to N392.57bn), aggregate and concrete sales (up 12% to N12.25bn), and other products (up 97.4% to N680m) contributed to the rise in topline growth in 2023.
BUA Cement’s +27.4% y/y Revenue growth in 2023 was primarily driven by upward increases in both price and sales volumes. BUA Cement reported price increases in 2023 with average cement price rising by 18.7% to N68,293/ton from N57,511/ton, in 2022, while sales volumes closed 2023 at 6.60 million MT from 6.30 MT in 2022, indicating a 4.8% increase. Due to a significant rise in FX losses of N69.96bn, profitability declined in 2023, with Pre-tax Profit down by 44.1% to N67.64bn from N121.11bn in 2022.
