BUA Cement

…We need more actors in cement industry to increase output-Abdul-Samad Rabiu

…Company announces N2.60 dividend per share

…Elects new directors

Soni Daniel, Northern Region Editor

Leading indigenous cement producer, Bua Cement Plc has continued to make sustained progress in the sector with a strong performance with its total earnings for year 2021 rising to a whooping N257.3 billion.

At the same time, the company’s profit before tax rose from N72.3 billion in 2020 to N90.1 billion in 2021 making the firm to emerge as one of the strongest production companies in Nigeria and Africa.

Based on its strong performance, the company announced a dividend of N2.60 per share to shareholders at its 6th Annual General Meeting held at the Transcorp Hilton Hotel, Abuja.

At the ceremony, the shareholders also approved the re-election of five directors and fixed the remuneration of its directors for the year.

The Chairman of the company, Alhaji Abdul-Samad Rabiu, who addressed the shareholders, boasted that the company had been become a strong household name in the provision of cement for reliable infrastructure to connect supply chains and effectively move goods and services across borders.

Abdul-Samad Rabiu also said that the firm has been able to connect households across metropolitian areas to higher quality opportunities for employment, healthcare and education, providing an impetus for faster economic growth in the country in the last decade.

The BUA chairman said: “It gives me great pleasure to announce that despite the prevailing uncertainties in the Nigerian and global economy, BUA Cement continues to record strong operating performances. In 2021, BUA Cement recorded a 22.9 percent rise in revenue to N257.3 billion from N209.4 in 2020.

“Furthermore, Earnings before interests, taxes, depreciation and amortization, EBITDA, increased by 24.1 percent to N120.1 billion. EBITDA margin was up t by 50 points to 46.7 percent and profit before tax rose by 24.5 percent to N90.1 billion as against N72.3 in 2020.

The chairman admitted that despite the challenging economic environment, the demand for cement was stronger in 2021 compared to the previous year, 2020 and that the company expected the trend to continue in the short to the medium term.

He also said that the company was well positioned to support value creation across its stakeholders’ base over the foreseeable future by investing with a clarity of purpose for the company and its people.

The chairman announced plans by the firm to commission two new production lines in Edo and Sokoto states which would take its total installed capacity to 17 million metric tonnes per annum while it continues to explore export opportunities in areas it has strategic and comparative advantage.

Subscribe for latest Videos

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.