New Telegraph

BUA reports N66bn profit in 9 months

BUA Cement Plc’s profit after tax for the nine months ended September 2021 increases by 23.2 per cent to N65.9 billion from N53.5 billion, as at 9M’2020. According to the company’s unaudited financial statement, revenue increases by 19.4 per ccent to N186.9 billion from N156.5 billion, as at 9M’20 while operating profit increases by 21.5 per cent to N75.7 billion from N62.3 billion, as at 9M’20. Return on equity expanded by 3.9 per cent points to 17.6 per cent from 13.7 per cent, as at 9M’20, while earnings per share (EPS) was up 23.4 per cent to 195 kobo from 158 kobo, as at 9M’20.

BUA Cement recently announced plans to commission additional production lines, to raise the firms’ current cement capacity of 11 metric tons per annum in 2021 to 20 metric tons per annum by 2022. Addition of new lines to the existing ones, BUA board believes, is a strategy to taming insatiable and sustained demand for cement, which leads to exorbitant prices to detriment of builders and potential home owners. Chairman, Board of Directors of BUA Cement Plc, Alhaji Abdul-Samad Rabiu, disclosed the plan to the shareholders of the firm on Thursday in Abuja at 5th Annual General Meeting (AGM) of the cement firm.

Rabiu informed BUA shareholders that efforts were on for the commissioning of kalambaina line- 3, which, according to him, will add 3mmtpa to the existing 8mmtpa in 2021. This was, as the firm announced leap in revenues by 19.3 per cent to N209.4 billion in 2020 compared to N175,5 billion in 2019. Presenting statement of accounts to the company’s shareholders, Rabiu said the company experienced growths in all performance indexes notwithstanding COVID-19 challenges. While revenue grew by 19.3 per cent in the year under review, he said volumes rose to 5.1 million tons, EBITDA increased by 18.0 per cent to N96.8 billion from N81.9 billon in 2019.

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