BUA reports N209.4bn profit for 2020 | Dailytrust

BUA reports N209.4bn profit for 2020

BUA Cement Plc recorded a 19.3 percent growth in profit, rising to N209.4 billion in 2020 from the N175.5bn it realised in 2019.

The Chairman, Board of Directors of BUA Cement Plc, Alhaji AbdulSamad Rabiu, stated this on Thursday when he addressed shareholders at the fifth Annual General Meeting (AGM) of the firm in Abuja.

Alhaji Rabiu said production volume rose to 5.1 million tonnes; Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased by 18% to N96.8bn from N81.9bn in 2019.

he explained that, “With EBITDA margin being resilient at 46.2%, we also recorded 19.4% growth in Profit After Tax (PAT) to N72.3bn and 19.6 per cent rise in Earnings Per Share (ESP) to N2.14 from N1.79 as at 2019.

“In view of our sustained performance, the board has recommended for your approval a dividend of N2.067 per ordinary share.”

The BUA helmsman also noted the effort for the commissioning of Kalambaina Line-3 in Sokoto which would add three million MT to the existing eight million MT per annum this year.

Rabiu further announced plans to commission additional production lines in 2020 which would raise the cement production capacity from 11m MT to 20m MT yearly by 2022.

Briefing pressmen, the BUA chairman advocated for more players in the cement industry, saying the three cement companies currently produced about 30m MT per annum hence the need to have more players to bring down the price.