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BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 - Business - Nairaland

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BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by kirajustice: 8:27pm On Feb 14, 2021
POLITICSNIGERIA.COM

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.

According to various analysts, the strong performance by BUA Cement in its 2020 Full Year unaudited results was testament to its focus on efficiency, a strong management team, excellent cost management measures and newer, technologically advanced plants.

Speaking recently, the Managing Director, BUA Cement Plc., Engr. Yusuf Binji, said that BUA Cement’s exceptional performance in the 2020 Financial Year, is a reflection of the continued value and strength of the BUA Cement brand and product offerings as well as a nod to the excellent implementation of the company’s Business Continuity Plan which ensured that BUA Cement was able to withstand the impact of the pandemic throughout 2020. In an earlier statement, Binji said that, “despite the prevailing economic conditions in 2020, BUA Cement remains quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development. We will continue to push to new markets aided by a focused distribution strategy.” The company increased its net revenues by 19% to N209billion, with sales volumes up 13% by about 600,000tons to 5,100,232 tons in 2020. Operating profits increased to N82.5billion whilst PAT rose to N70.5billion from N60.6billion in the corresponding year. It should be noted that BUA Cement in 2020 entered strategic alliances for the supply of Liquefied Natural Gas (LNG) at its Kalambaina Plant, Sokoto State, and for the management of its mining operations. Given these deliberate and strategic choices amongst other cost management efforts, it is expected that BUA Cement will continue to combine development and innovation into its offerings and activities to drive efficiency, reduce operating costs and maximize profits.

In a recent interview, Chairman of BUA Cement, Abdul Samad Rabiu said that despite the strides made in the Nigerian Cement Industry in the past few years, there was still room for immense growth. According to Rabiu, Nigeria with its population of about 200million people was still greatly underserved by the Cement Industry with current consumption levels at about 130 kilogrammes per head compared to smaller African countries with consumption levels at about 170 to 180kilograms per head. Nigeria’s cement consumption is expected to increase to about 200kilograms per head in coming years which is one of the reasons why BUA Cement is ramping up its investments in new plants to be able to meet this potential demand as well as take advantage of regional export opportunities through the African Continental Free Trade Area (AfCFTA) agreement which came into effect in 2021.

BUA Cement is the second largest Manufacturing and Cement Company listed on the Nigerian Stock Exchange with its Headquarters based in Lagos, Nigeria. The company also operates 4 plants in Edo and Sokoto States with its key markets in the South-East, North-West and North East Nigeria. The Company recently completed Nigeria’s largest corporate bond offering ever of N115billion Naira which was oversubscribed to the tune of N137.82billion.

https://politicsnigeria.com/bua-cement-plc-declares-fy2020-profits-of-n95billion/

8 Likes

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by PrinceOfLagos: 8:29pm On Feb 14, 2021
Seems only hausa/fulani owned businesses are making headway in this buhari government

33 Likes 3 Shares

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by revived: 8:31pm On Feb 14, 2021
Soft
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by OyigboUpdate: 8:31pm On Feb 14, 2021
And mark Zuckerberg made 3 trillion naira in 24hrs I watched it on YouTube

12 Likes 1 Share

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by NwaAmaikpe: 8:31pm On Feb 14, 2021
shocked



Why wouldn't they?
I repeat why wouldn't they?

Nigercem Nkalagu is dead
Ibeto Cement has been suffocated.

If it is not Dangote, it is Bua....a sad monopoly of a specific line of business.
Sadly, over 68% of patronage is by Southerners.
From Chiedu Okoh to Lafenax...I doubt both companies have any bigger dealers.

Cement that should sell for 800naira a bag now sells for 3,300 a bag and you are surprised at a 95.4billion Naira profit?

118 Likes 6 Shares

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by KhingLufem1(m): 8:32pm On Feb 14, 2021
Ok
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by WandaNara: 8:32pm On Feb 14, 2021
Before nko?


As una don turn cement to gold

5 Likes

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by Brendaniel: 8:32pm On Feb 14, 2021
shocked
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by Oblitz(m): 8:32pm On Feb 14, 2021
Chaiiiiiiiiii. See money
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by EzeYezzuz: 8:32pm On Feb 14, 2021
Imagine for this same Nigeria angry

2 Likes

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by obi4eze(m): 8:33pm On Feb 14, 2021
shocked

Omo! x 1000000
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by osemoses1234(m): 8:33pm On Feb 14, 2021
OyigboUpdate:
And mark Zuckerberg made 3 trillion naira in 24hrs I watched it on YouTube
how much you made ? Cho cho cho

28 Likes 1 Share

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by espn(m): 8:33pm On Feb 14, 2021
Na wa oo...
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by teamsynergy: 8:33pm On Feb 14, 2021
God for them, but the govt favour this man and Dangote too much. During the border closure he was given waiver to move good access borders without issues.
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by faithfull18(f): 8:33pm On Feb 14, 2021
God when embarassed
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by fourboys: 8:34pm On Feb 14, 2021
Yahoo, kidnapping, robbery, no fit give u dis kind money.... hard work pays mann... God bless all d hard working guys, ur hustle go pay dis year

16 Likes 1 Share

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by ichidodo: 8:34pm On Feb 14, 2021
With high cement cost, this people are cashing out...
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by binaie(m): 8:35pm On Feb 14, 2021
cement factory is the best place to work mow
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by obayendo1010(m): 8:35pm On Feb 14, 2021
Una Dey mad
Dey kill Nigeria with over price cement Dey declare am as profit.
Life goes on we all go Dey alright someday.

14 Likes

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by brandsoncharlie: 8:35pm On Feb 14, 2021
Swindling Nigerians and milking it's populace is called profit for this sabotage they praise here.
Corruption is eating big and getting fat by the day.

5 Likes 1 Share

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by mamaafrik(m): 8:35pm On Feb 14, 2021
Where is my Kolo self,i have some shile meeji too
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by jieta: 8:35pm On Feb 14, 2021
OyigboUpdate:
And mark Zuckerberg made 3 trillion naira in 24hrs I watched it on YouTube
that means he's making Nigeria budget in a year in four days.
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by FastLane25(m): 8:36pm On Feb 14, 2021
so they are now expecting us to clap for them?
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by Rahkman: 8:37pm On Feb 14, 2021
Whay happened to the other 1 from the east
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by maasoap(m): 8:38pm On Feb 14, 2021
Cement price in Nigeria wasn't supposed to this costly, everyone is just ripping everyone off

3 Likes

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by brandsoncharlie: 8:38pm On Feb 14, 2021
ichidodo:
With high cement cost, this people are cashing out...
The fortunate thing is that the natural resource belongs to all Nigerians yet they can't make it affordable for all. He can only get rich in this corrupt zone.

3 Likes

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by akdjr(m): 8:38pm On Feb 14, 2021
And Nigeria is still the world capital of poverty... Most time I wonder how people just fall for such cheap misinformation.
Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by jieta: 8:40pm On Feb 14, 2021
brandsoncharlie:

The fortunate thing is that the natural resource belongs to all Nigerians yet they can't make it affordable for all. He can only get rich in this corrupt zone.
just imagine what dangote will use our eye to see when he finally complete his refinery.

1 Like 1 Share

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by gurujoe(m): 8:41pm On Feb 14, 2021
It's only in Nigeria and Africa people make billions without any discovery or impacting positively to human life

1 Like

Re: BUA Cement Declares Profit Of ₦95 Billion For Full Year, 2020 by MANNABBQGRILLS: 8:42pm On Feb 14, 2021
That is some colossal profits considering it was the year of pandemic

9 Likes 3 Shares

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