HBM Nigeria released its H1 2026 results on 28 July, and the figures speak for themselves: pre-tax profit of N317.73 billion, up +59.08% year-on-year. The group, a major cement and construction player in West Africa, is reaping the rewards of a two-year optimisation strategy.
Figures That Redefine the Sector
Total revenue reached N678.41 billion in H1 2026, up +31.23% from H1 2025. Net profit (profit after tax) came in at N208.347 billion, up +57.03%. Gross margin surged to 62.18%, a sign that selling price increases far outpaced the rise in production costs (only +16%).
Q2 2026 was particularly strong, with a quarterly profit of N168.61 billion — the highest ever recorded by the group. Earnings per share stood at N12.93, up +56.92% year-on-year.
Cement: The Dominant Engine
The cement business accounts for 97.52% of revenue at N661.538 billion (+31.16%). This near-exclusive weight reflects robust demand in Nigeria's construction sector, driven by major public infrastructure projects and a resilient property market. Finance income also surged: +172.71% to N27.948 billion, thanks to fixed deposits and current account interest — a reflection of the group's active treasury management.
Interim Dividend of N16 Per Share
The board approved an interim dividend of N16 per ordinary share (subject to withholding tax), payable on 17 August 2026 to shareholders on the register as at 12 August.
Why It Matters
HBM Nigeria is one of the key barometers of Nigeria's economic health and, by extension, West Africa's. Such strong H1 results confirm that Nigerian economic resilience — despite naira pressures and inflation — is very real. For regional investors, it sends a powerful message: the African continent can generate world-class returns even in times of global uncertainty.