BUA Cement PLC, one of Nigeria’s foremost cement companies, has announced that it recorded a 40 percent increase in its revenue within the 2022 financial year, posting N361bn revenue.
Mr Abdulsamad Rabiu, Chairman of the company, made this known on Thursday in Abuja at its 7th Annual General Meeting (AGM).
Rabiu said that the company increased its revenue to N361.9 billion from N257.3 billion realized in 2021.
“Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) grew by 29.2 per cent to N154.5 billion in 2022, from N119.7 billion in 2021.
“Profit after Tax rose by 12.1 per cent to N101 billion in comparison to N90.1 billion recorded in 2021,” Rabiu said.
He added that earnings per share recorded a growth of 12 per cent to N2.98 from N2.66.
According to him, BUA Cement was able to achieve these feats in the midst of global and domestic economic challenges due to its demonstrated resilience and sustained capacity.
“At BUA Cement, we acknowledge the fact that a sound corporate governance culture is central to maintaining the trust and confidence of our stakeholders, it forms the core foundation of our growth strategy, ” he said.
Rabiu said that BUA Cement was committed to reducing the price of cement to make it affordable to Nigerians.
He said that the free-float of the Naira, which is a necessary monetary policy initiative by the government, had resulted in high cost of production, thus resulting in price increase.
“I will reach out to the Minister of Works, Sen. Dave Umahi, to work out modalities to drive down the prices of cement”, he said.
Also speaking, the Managing Director of the company, Mr Yusuf Binji, said that revenue growth at BUA Cement was driven by higher cement volumes and price adjustments.
Binji said that with the additional capacity expected in 2024, the firm would be well positioned to increase cement volumes available for export.
He said that the observed increase in selling and distribution cost of BUA Cement was driven by increase in cement volumes dispatched.
“Furthermore, the price of diesel rose by over 220 per cent from N250 per litre to N810 per litre, increasing our cost to deliver,” Binji said.