BUA Cement Plc held its Annual General Meeting today. According to the financial report presented by the Board of the Company, its revenue soared to ₦876.5 billion, a remarkable increase from ₦460 billion in 2023. This topline growth was complemented by strong profitability, with profit before tax rising by 48.2% to ₦99.6 billion (2023: ₦67.2 billion) and profit after tax increasing by 6.3% to ₦73.9 billion, up from ₦69.5 billion in the previous year
Within the period under review, BUA Cement commissioned two additional lines in Edo and Sokoto States, which increased its installed production capacity from 11MMTPA to 17MMTPA. In addition to this, the Company broke ground to commence the construction of a greenfield 3 MMTPA production line Ososo, Edo State. BUA Cement further invested in its logistics operations with the purchase of additional trucks, while it also digitalised its payment and product order processes with the introduction of an online payment solution, which reduced customer waiting times, thereby improving customer experience.
According to the Managing Director/ CEO, Yusuf Binji: “As we reflect on our achievements in 2024, BUA Cement stands at the threshold of unprecedented opportunity, strategically positioned to address Nigeria’s persistent infrastructure deficit while delivering exceptional value to our shareholders. Our journey forward is anchored on four interconnected priorities that will define our success: optimise our production capacity, continue prudent debt management, expand our market presence in underserved regions, and embrace digital transformation across our operations”.
He stated further that BUA Cement remains anchored to the RICE values – Respect, Integrity, Commitment and Excellence. These principles, mirrored in every bag of cement we produce, ensure that trust is not just a promise but a measurable outcome.”
The Chairman, Abdul Samad Rabiu (CFR, CON), in his address to the shareholders: “With a proposed dividend of ₦2.05 per share, representing a 94% payout ratio, we continue to demonstrate our strong com¬mitment to shareholder returns, consistently distributing over 90% of our profits. This reflects both our confidence in the busi¬ness and our sustained financial performance.” He also commended the shareholders of the Company for their unwavering confidence, the Company’s employees for their dedication and hard work, and to its partners and customers for their continued trust and loyalty. He acknowledges that their support fuels the company’s ambition, inspiring it to continually strive for ex¬cellence”.
One of the high points of the Annual General Meeting was the unanimous reelection of three retiring directors. These include, Shehu Abubakar (Independent Non-Executive Director), Finn Arnoldsen (Non-Executive Director), and Khairat Abdulrazaq-Gwadabe (Independent Non-Executive Director).
About BUA Cement Plc
BUA Cement Plc is Nigeria’s second largest cement company and the largest producer in its North-West, South-South and South-East regions; with a combined installed capacity of 17 mmtpa and with plans underway to increase existing capacity to 20 mmtpa with the construction of a greenfield cement plant in Ososo, Edo State. BUA Cement operates strategically from Okpella, Edo State and Kalambaina, Sokoto State.
Currently, it is one of the most capitalised companies of the Nigerian Exchange Group (NGX). BUA Cement is committed to quality – a differentiating attribute, driven by its people, innovation and technology; and positioned to solving Nigeria’s cement under capacity while driving economic growth and development.
