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…calls for more actors in cement industry to increase output
BUA Cement Plc has announced a company’s profit before tax rise 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.
The continued and sustained progress in the sector also showed the cement giant strong performance with its total earnings for year 2021 rising to a whooping N257.3 billion.
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.
Addressing shareholders, the Chairman, Abdul-Samad Rabiu, 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.
According to him, “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.
