BUA Cement revenue up 25.1%

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BUA Cement revenue up 25.1%
•Q1 profit hits N20.1b
June 9, 2020

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BUA founder ABDULSAMAD RABIU

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BUA Cement Plc yesterday announced a 25.1 percent increase, amounting to N54 billion in revenue for the first quarter ended March 31, 2020.

An analysis of the firm’s results showed BUA Cement’s profit before tax (PBT) increased by 15.7 percent or N17.4 billion as at Quarter One (Q1) of 2019 to N20.1 billion in Quarter Two (Q2) of this year, while Profit After Tax (PAT) in Q1 2020 stood at N19.8 billion – a 26.2 percent increase of from N15.7 billion in Q1’2019. This was contained in a filing on the Nigerian Stock Exchange (NSE) yesterday.

The Managing Director/CEO of BUA Cement Plc, Yusuf Binji, said the firm’s performance in the Q1 financial results amid the outbreak of the COVID-19 pandemic was a landmark of the company since its listing on the NSE.

He explained that the company’s performance was buoyed by an increase in production capacity from five million metric tonnes at the end of first quarter of  last year to the present eight million metric tonnes; strong product differentiation strategy and a growing distribution network across existing and new markets.

The BUA boss contended that the company’s performances epitomised the effect of further growth in output but, most importantly, a growing appreciation of the value and service offering, which has impacted well on its customers in the market place.

He said its sales revenue increasing by 25.1 percent year-on-year to N54 billion is a strong testament to the brand’s market position.

Binji said: “The turn of the year witnessed the achievement of a major milestone, with the completion of listing requirements of the NSE, emerging the third-most capitalised company on the exchange, with a market capitalisation of N1.2 trillion ($3.3 billion) and the de-listing of the shares of CCNN Plc.

Subsequently, BUA Cement was included as a constituent of the MSCI frontier market index in February.’’

He agreed that the outbreak of the pandemic  would have broader ramifications to the world and the global economy.

Nationally, Binji further explained, Nigeria has not been immune to the wave of the virus; with the government instituting safety measures whilst building capacity, in preparedness for possible high number of cases