BUA Cement records N209bn revenue, N72bn profit | Dailytrust

BUA Cement records N209bn revenue, N72bn profit

BUA Cement said it has recorded N209.4 billion revenue for the 2020 financial year while its profit after tax rose by 19.4 percent, from N60.6bn in 2019 to N72.3bn.

According to its full-year audited financial result seen yesterday, the company recorded a 19.3% revenue increase from N175.5bn in 2019 while its return on equity rose by 1.5% points to 19.6% from 18% in 2019.

The Managing Director/CEO of BUA Cement, Yusuf Binji, highlighted the preparedness and positive impact the activation of the company’s Business Continuity Plan had on performance.

He added that it was even more noteworthy that significant milestones were attained despite the harsh economic conditions brought about by the pandemic.

“Our performance for the year 2020 witnessed a 13.3% rise in cement dispatched to 5.1 million metric tonnes, which resulted in a 19.3% rise in revenues to N209.4bn; along with an 18% rise in EBITDA to N96.8bn from N82bn as at FY2019.”

He also said the firm aspires to become the leading cement manufacturer with significant eco-friendly footprints.

“We are delighted to have achieved a significant number of these set targets including the construction of the Kalambaina line-3, where we remain on course to commission the plant in 2021”.