Revenue increases by 19.3% to N209.4 billion from N175.5 billion, as at FY2019.
Operating profit increases by 14.8% to N82 billion from N71.4 billion, as at FY2019.
EBITDA rises by 18% to N96.8 billion from N82 billion, as at FY2019; with EBITDA margin resilient at 46.2% (FY2019: 46.7%).
Profit after Tax increases by 19.4% (y/y) to N72.3 billion from N60.6 billion, as at FY2019.
Return on Equity rises by 1.5% points to 19.6% from 18%, as at FY2019.
EPS up 19.6% to N2.14 from N1.79, as at FY2019.
BUA Cement Plc, Nigeria’s second largest cement company has released its 2020 Full Year Audited
Financial Results with the company declaring a Profit After Tax of N72.3billion representing a 19.4%
increase over the corresponding period in 2019. BUA Cement’s revenues also grew to N209.4billion
in 2020 from N175.5 billion, as at FY2019.
Providing valuable insights to the FY2020 financial performance alongside the operational activities
for the year, Yusuf Binji, Managing Director/CEO of BUA Cement, highlighted the preparedness and
positive impact the activation of the company’s Business Continuity Plan had on performance. He
also emphasized the importance of product design and how BUA’s current offerings adequately cater
to the cement needs of its customers, resulting in a sustained growing market acceptance. He added
that it was even more noteworthy that significant milestones were attained despite the harsh
economic conditions brought about by the pandemic.
“Undeniably, the challenges in 2020 have been unprecedented, given the outbreak of the Coronavirus
and the disruption caused across homes, communities and organisations. Despite its lingering effect,
we witnessed the best of humanity – resilience, as individuals and organisations sought for
opportunities to support vulnerable communities, with BUA Cement playing a crucial role in
cushioning its effect through its donations.
Supporting this resilient performance was our well instituted contingency plan, which ensured that we
remained largely immune to economic disruptions such as: production, supply and distribution shocks
resulting from the lock down; the observed shift by investors to alternative investment asset classes;
and the low rain fall recorded during the year. More importantly, our product offerings played a vital
role, with more customers being increasingly able to appreciate and differentiate how tailored our
products are towards meeting their cement requirements, especially in terms of quality and product
support, among other features.
This showcases the thought and dedication that is deeply engraved into our product design
processes, with the customer’s need at the centre of everything we do.
Our performance for the year 2020 witnessed a 13.3% rise in cement dispatched to 5.1 mmt, which
resulted in a 19.3% rise in revenues to N209.4 billion; along with an 18% rise in EBITDA to N96.8
billion from N82 billion, as at FY2019. EBITDA margin remained resilient at 46.2%; nevertheless, we
expect margin expansion, resulting from performance growth and efficiency gains.