Business

June 16, 2020

BUA Cement posts N54bn revenue in Q1’20

By Nkiruka Nnorom

BUA Cement Plc has announced a 25.1 percent increase in revenue to N54.0billion in its financial results for the first quarter ended March 31, 2020 from N43.1 billion.

The company’s financial statement released on the Nigerian Stock Exchange (NSE) showed that its profit before Tax (PBT) rose by 15.7 percent to N20.1 billion from N17.4 billion, as at Q1’2019, while the Profit After Tax (PAT) for the period stood at N19.8 billion, a 26.2 percent increase from N15.7 billion recorded in Q1’2019.

Speaking on the results, Yusuf Binji, Managing Director/CEO, BUA Cement Plc, said the excellent performance in the Q1 despite the outbreak of the COVID-19 pandemic is yet another landmark of the company since its listing on the Exchange.

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He explained that the company’s performance was buoyed by an increase in production capacity from 5 million metric tonnes at the end of Q1’2019 to 8 million metric tonnes; its strong product differentiation strategy which translates to an increasing appreciation of the company’s product offering and a growing distribution network across existing and new markets.

Binji said: “The turn of the year witnessed the achievement of yet another milestone, with the completion of listing requirements of the Nigerian Stock Exchange (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 Cement Company of Northern Nigeria (CCNN) Plc. “Undoubtedly, the outbreak of the COVID-19 pandemic will have broader ramifications to the world and indeed the world economy, even as governments institute measures to curtail further spread of the virus. Nationally, 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.”