BUA Cement to raise capital for expansion

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    …raises profit by 41.40% to N61.364b in H1 2022

    BUA Cement says it is in discussion with the International Finance Corporation, IFC, to obtain a loan for expansion of its integrated cement plant in Kalambaina, Sokoto State.

    The cement company disclosed this in a statement signed by Hauwa Garba Satomi, the Deputy Company Secretary and obtained from the Nigerian Exchange Ltd, NGX, on Monday.

    It also said that IFC would be serving as lead arranger in conjunction with a number of other lenders in a syndication pool.

    In the statement, the company wrote to its shareholders and the investing public that the company “has gone into discussion with the International Finance Corporation, IFC, serving as lead arranger in conjunction with a number of other lenders in a syndication pool.

    “To obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria, which shall include increasing its capacity from 2.0 million tons per annum, MTPA, to 8.0 MTPA and the development of other ancillary utilities (the Expansion Project).”

    In a related development, BUA Cement raises profit by 41.40% to N61.364b in H1 2022.

    BUA Cement Plc, Nigeria’s leading cement producer has released its statement of profit or loss and other comprehensive income for the six months ended June 2022 with 41.40% rise in profit after taxes N61.364 billion from N43.396 billion in Half year (H1) 2021.

    Revenue for the H1 rose to N188.562 billion from N124.278 billion in H1 2021

    The statement for the three months ended 30th June 2022 showed that profit after taxes rose by 34.2% to N28.221 billion from N 21.029 billion in Q2 2021.

    Revenue for the Q2 rose to N91.573 billion from N63085 billion in Q2 2021.

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