Daily Post Nigeria
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BUA Cement, Nigeria’s second largest cement company, has announced full year revenues of N209billion in its unaudited 2020 Full Year financial accounts representing an increase of 19% from the corresponding period in 2019. The company also announced a 16% increase in gross profits to N95.4billion in 2020 from N82.4billion Naira in 2019. This further consolidates BUA Cement’s position as one of Nigeria’s most profitable companies – a position it is expected to strengthen further with the commissioning of its new 3 million Metric Tonnes Sokoto Cement Plant in 2021 and the addition of 3 new lines of 9 million metric tonnes total capacity in Adamawa, Edo and Sokoto States by 2023 for which it recently signed an agreement with Sinoma CBMI. This is expected to bring BUA Cement’s total capacity to 20million metric tonnes per annum upon completion.
BUA Cement has announced full-year revenues of N209 billion in its unaudited 2020 Full Year financial accounts representing an increase of 19 percent from the same period in 2019. The company also announced a 16% increase in gross profits to N95.4bn in 2020 from N82.4bn in 2019. According to a statement, the firm said it […]
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Joseph Olaoluwa
Chairman of BUA Cement, Abdulsamad Rabiu, has projected that Nigeria’s cement consumption will rise to about 200kilogrammes per head in the coming years.
Rabiu said this in a statement titled ‘BUA Cement Plc declares FY2020 profits of N95bn’, noting that there was still room for immense growth in the Nigerian cement industry.
The statement forwarded to our correspondent on Sunday said Nigeria with a population of about 200 million people was still greatly underserved by the cement industry.
It said the current consumption levels were at about 130kg per head compared to smaller African countries with consumption levels at about 170 to 180kg per head.