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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.
Goddy Egene
BUA Cement, Nigeria’s second largest cement company, has announced full year revenue of N209 billion in its unaudited financial accounts for the full year ended December 31, 2020, showing an increase of 19 per cent 2019.
Gross profit printed at N95.432 billion in 2020, indicating an increase of 16 per cent, compared with N82. 443 billion in 2019. BUA Cement Plc’s excellent cost management led to a decline of 33 per cent in net financing cost to N3.438 billion in 2020, from N5.192 billion in 2019.
Also, the focus on efficiency, a strong management team and newer technologically advanced plants resulted in an improved bottom-line with profit before tax (PBT) growing to N79.066 billion in 2020, up from N66.273 billion, while profit after tax (PAT) rose from N60.61 billion to N70.518 billion in 2020.