BUA Cement PLC Records Strong Revenue Growth of 90.5% to N867.5 Billion
BUA Cement Plc held its Annual General Meeting and according to the financial report presented by the Board of the Company, its revenue soared to ₦876.5 billion, a remarkable increase from ₦460 billion in 2023. This topline growth was complemented by strong profitability, with profit before tax rising by 48.2% to ₦99.6 billion (2023: ₦67.2 billion) and profit after tax increasing by 6.3% to ₦73.9 billion, up from ₦69.5 billion in the previous year.
Within the period under review, BUA Cement commissioned two additional lines in Edo and Sokoto States, which increased its installed production capacity from 11MMTPA to 17MMTPA. In addition to this, the Company broke ground to commence the construction of a greenfield 3 MMTPA production line Ososo, Edo State. BUA Cement further invested in its logistics operations with the purchase of additional trucks, while it also digitalised its payment and product order processes with the introduction of an online payment solution, which reduced customer waiting times, thereby improving customer experience.
According to the Managing Director/ CEO, Yusuf Binji:
“As we reflect on our achievements in 2024, BUA Cement stands at the threshold of unprecedented opportunity, strategically positioned to address Nigeria’s persistent infrastructure deficit while delivering exceptional value to our shareholders. Our journey forward is anchored on four interconnected priorities that will define our success: optimise our production capacity, continue prudent debt management, expand our market presence in underserved regions, and embrace digital transformation across our operations”.
He stated further that "BUA Cement remains anchored to the RICE values – Respect, Integrity, Commitment and Excellence. These principles, mirrored in every bag of cement we produce, ensure that trust is not just a promise but a measurable outcome.”
The Chairman, Abdul Samad Rabiu (CFR, CON), in his address to the shareholders:
“With a proposed dividend of ₦2.05 per share, representing a 94% payout ratio, we continue to demonstrate our strong com¬mitment to shareholder returns, consistently distributing over 90% of our profits. This reflects both our confidence in the busi¬ness and our sustained financial performance.”
He also commended the shareholders of the Company for their unwavering confidence in the Company’s employees for their dedication and hard work, and to its partners and customers for their continued trust and loyalty. He acknowledged that their support fuels the company’s ambition, inspiring it to continually strive for excellence.
One of the high points of the Annual General Meeting was the unanimous reelection of three retiring directors. These include Shehu Abubakar (Independent Non-Executive Director), Finn Arnoldsen (Non-Executive Director), and Khairat Abdulrazaq-Gwadabe (Independent Non-Executive Director).
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Source: Legit.ng
