Finance

BUA Cement declares N2.60k dividend for shareholders

BUA gets $500m facility from IFC for industrialisation

Shareholders of one of Africa’s largest manufacturing companies, BUA Cement Plc, have approved dividends of N2:60k per ordinary share of 50k each ,totalling N88.047billion for its financial year ended December 31, 2021. The approval was given during the company’s 6th Annual General Meeting held in Abuja, and coming on the back of a strong financial performance in the year under review with a revenue growth of 22.9 per cent from N209.4 billion in 2020 to N257.3 billion in 2021. Profits after Tax also rose by 24.5 per cent to N90.1billion in the year under review.

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Speaking at the Annual General Meeting, Abdul Samad Rabiu, chairman of the Board of Directors of BUA Cement Plc said: “Our performance in 2021 gives credence to our sound business model, value proposition and the excellent team who responded to the challenges and opportunities were confronted in the year under review.  In the meantime, the BUA Cement brand continues to grow stronger in the marketplace. Our aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians. We expect to continue this excellent performance for the foreseeable future.”

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Furthermore, Abdul Samad Rabiu disclosed that the company’s ongoing projects will be completed in 2023 to increase the cement company’s installed capacity to 17 million metric tonnes per annum which will solidify BUA’s position in the Nigerian Cement industry as well as position the company to take advantage of export opportunities.

For his part, Mr Yusuf Binji, Managing Director, BUA Cement Plc, reaffirmed the company’s commitment to prioritising excellence across all areas of business and product quality whilst ensuring sustainability in its operations. Binji added that when the installed capacity of the company increases to 17 MT by 2023, BUA Cement “will be better positioned to increase existing export volumes and in the process, take advantage of some of the benefits of the African Continental Free Trade Area”.

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Binji also said that as part of its sustainability initiatives, BUA Cement Plc remains operationally conscious, socially engaged, and economically involved. During the year under review, BUA Cement made significant progress on cleaner energy mix through its transition from Heavy Fuel Oils to Liquefied Natural Gas in its Sokoto plants.

Sunnews

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