BUA CEMENT HOLDS AGM, DECLARES N72.3B PROFIT
BUA Cement Plc, one of Africa’s largest Cement companies has declared Profits After Tax of N72.3billion for 2020 fiscal year.
The Chairman of BUA Cement, Abdul Samad Rabiu made this disclosure on Thursday at its Annual General Meeting for the period ended December 31, 2020.
The company also declared dividends of over N70billion at N2.067k per ordinary share in a move that shareholders applauded.
This is coming on the heels of a profitable year for the Cement producer who made gross earnings of N204bn and declared Profits After Tax of N72.3billion in the year under review.
Speaking at the AGM, Abdul Samad Rabiu, Chairman of BUA Cement, whilst addressing shareholders and the press, praised the efforts of the Yusuf Binji led management, staff, and customers of the company for ensuring that BUA Cement remained the cement of choice for quality in Nigeria. In his comments on the increased demand for cement which had led to higher retail prices despite significantly lower ex-factory prices, Rabiu canvassed more investments in the cement industry saying that current national production levels across were not enough to meet the ever-increasing national demand for cement which stood at 60million metric tonnes per annum in Nigeria. He therefore canvassed new investments in the cement sector and encouraged other investors to develop new cement plants. It should be noted that BUA Cement is constructing a 3million metric tonnes which is expected to come on Stream in sokoto by the end of 2021 with new plants already in the works.
In his comments, Yusuf Binji, Managing Director of BUA Cement Plc, said BUA Cement is committed to remaining a value–driven, oriented company that prioritizes excellence and product quality. He also added that the company was well-poised to sustain current profitability despite the very competitive landscape. According to Binji, “Our value proposition, in terms of product and service support offerings has positioned BUA Cement as a market leader. In addition, we continue to prioritize innovation and continuous improvement, thereby ensuring the continued “fit” of our products to ever-changing customer demands and needs. We are also investing in the latest plant designs which not only drive efficiency but translate into value addition to our customer through the cost savings derived.
BUA Cement Plc is Nigeria’s second largest cement company and the largest producer in its North-West, South-South, and South-East regions; BUA Cement operates strategically from Okpella, Edo State and Kalambaina, Sokoto State. Currently, the second most capitalized manufacturing company on the Nigerian Stock Exchange (NSE), BUA Cement is committed to quality – a differentiating attribute, driven by its people, innovation, and technology; and positioned to solving Nigeria’s cement under capacity while driving economic growth and development.