Bua Cement Plc has announced plans to switch on two production lines in Edo and Sokoto to improve its total earnings which peaked at N257.3 billion in 2021.
The two lines are expected to take the Cement firm’s total installed capacity to 17 million metric tonnes per an um. This will further create more employment opportunities in Nigeria, thereby reducing the unemployment rate in the country.
The year 2021 was good for the company during which its profit before tax rose from N72.3 billion in 2020 to N90.1 billion, making it one of the strongest production companies in Nigeria and Africa.
For this impressive performance, the shareholders got a dividend of N2.60 per share at its 6th Annual General Meeting held in Abuja.
At the meeting also, the shareholders approved the re-election of five directors and fixed the remuneration of its directors for the year.
The Chairman, Abdul-Samad Rabiu maintained that the company had 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.
BUA cement competes with both Lafarge and Dangote and Rabiu said the company will continue to explore export opportunities in areas it has a strategic and comparative advantage.
He said the company had connected households across metropolitan areas to higher quality opportunities for employment, healthcare and education, providing an impetus for faster economic growth in the country in the last decade.
“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 per cent rise in revenue to N257.3 billion from N209.4 in 2020”, he said.
“Furthermore, Earnings before interests, taxes, depreciation and amortization, EBITDA, increased by 24.1 per cent to N120.1 billion. EBITDA margin was up t by 50 points to 46.7 per cent and profit before tax rose by 24.5 per cent to N90.1 billion as against N72.3 in 2020”, added the Chairman..
The Chairman noted 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 further stated 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.
