Dangote Cement vs BUA Cement: Which Stock Should Investors Research?

Last checked: 11 October 2026. This is a research comparison, not a recommendation. Figures come from company results and data pages reported in July to October 2026. Educational information only, not investment advice. Share prices change every trading day and you can lose money. Figures come from public reports and company filings as of early October 2026, so check current data before you act.

Dangote Cement and BUA Cement are the two big names in Nigeria’s listed cement industry, and investors often compare them. The comparison is more useful when you look beyond which one rose faster. This article sets out the main numbers side by side, explains what each metric means and lists the questions that decide which company, if either, belongs on your research list.

Side by side

What the numbers suggest

• Size. Dangote Cement earns roughly twice BUA’s profit and has about 3.4 times its revenue. It also operates across Africa, with Nigeria contributing about 72 percent of group revenue before eliminations.
• Margin. BUA’s half-year profit after tax is about 44.6 percent of revenue, against about 25.4 percent at Dangote Cement. BUA reported an operating ratio of 49.1 percent and cost per tonne down 4.4 percent. This reflects a Nigeria-focused business and different cost structures, tax treatment and financing, so do not read it as a simple win.
• Growth. BUA’s profit rose faster in H1 2026 (79.6 percent against 22.7 percent), from a lower base and helped by bulk cement sales and a foreign exchange gain of ₦16.6 billion.
• Dividends. BUA’s ₦10 for 2025 compares with ₦2.05 paid in 2025, a big jump from a short record. Dangote Cement’s table shows payments every year since 2010. A data site lists BUA’s payout ratio near 95 percent for 2025.
• Valuation. Dangote Cement looks cheaper on trailing P/E (about 15.8 against about 20), but valuation metrics depend on which earnings you use and what you expect for the future.

Risks that differ

• Ownership and float. Aliko Dangote holds about 86.8 percent of Dangote Cement, and BUA’s Abdul Samad Rabiu holds 56.03 percent directly, with further holdings through related companies. Both stocks have thin free floats, which analysts say can amplify price moves.
• Price swings. BUA traded between about ₦151 and ₦460 over 52 weeks and fell 10 percent in one day to ₦340.20 on 24 June 2026. Dangote Cement traded between about ₦525 and ₦1,189. Both are volatile.
• Concentration. BUA is more dependent on Nigeria and on bagged cement, which was ₦688.8 billion of its H1 revenue. Dangote Cement has Pan-African exposure, where margins fell to 17.6 percent.
• Costs and currency. Both are affected by energy costs, the naira and demand for construction.

Questions to research further

1. How sustainable are BUA’s margins and dividend after a single strong year?
2. How much of Dangote Cement’s growth in 2026 came from price rises and currency effects rather than volume?
3. How do capacity expansions affect each company’s costs and debt?
4. Which company’s results do you understand better after reading the annual report?
5. How would a 30 percent fall affect your portfolio if you held either?

A sensible way to proceed

Read each company’s latest annual report and half-year results on the NGX website. Compare cash flow, debt and capital spending, not just profit. Consider whether holding both, or a diversified fund, reduces your exposure to one business. And do not choose on the basis of price per share, because a ₦297 share is not cheaper than a ₦1,000 share without looking at earnings and value.

What we could not confirm

• Which stock will perform better. No source can reliably say, and past results are no guide.
• BUA Cement’s exact dividend history before 2025. I relied on data pages that list two recent payments.
• Whether the ratios you see on data sites are calculated the same way. Check the underlying accounts.

Frequently asked questions

Is BUA Cement cheaper because its price is lower? No. Share price alone does not show value. Compare earnings, market value and growth.

Can I buy both? You can, but they are in the same industry and may move together. Consider whether that matches your risk limits.

Key takeaways

Dangote Cement is larger, pays a longer dividend record and has a lower trailing P/E, while BUA Cement has grown profit faster, earns higher margins and has a shorter dividend history. Both have concentrated ownership and volatile prices, so research the accounts and size any position carefully.

Sources checked

• Dangote Cement, H1 2026 unaudited results (NGX filing)
• Nairametrics, ‘BUA Cement’s H1 2026 pre-tax profit surges 79% to N384.44 billion’
• BusinessDay, report on BUA Cement H1 2026 results
• Billionaires.Africa, ‘Abdul Samad Rabiu’s BUA Cement lifts half-year profit 80%’
• StockAnalysis, BUA Cement statistics and dividend pages
• Investing.com and TradingView, BUA Cement and Dangote Cement quote pages
• Guardian Nigeria, ‘Cement firms grow profit by 40% to N1.17 trillion in H1’