BUA Cement, Nigeria’s second largest cement company, has announced full year revenues of N209billion in its unaudited 2020 Full Year financial accounts representing an increase of 19 per cent from the corresponding period in 2019.
The company also announced a 16 per cent increase in gross profits to N95.4billion in 2020 from N82.4billion in 2019.
This further consolidates BUA Cement’s position as one of Nigeria’s most profitable companies – a position it is expected to strengthen further with the inauguration of its new three million metric tonnes Sokoto Cement Plant in 2021 and the addition of three new lines of nine million metric tonnes total capacity in Adamawa, Edo and Sokoto states by 2023 for which it recently signed an agreement with Sinoma CBMI.
This is expected to bring BUA Cement’s total capacity to 20million metric tonnes per annum upon completion.
According to various analysts, the strong performance by BUA Cement in its 2020 full year unaudited results was testament to its focus on efficiency, a strong management team, excellent cost management measures and newer, technologically advanced plants.
Speaking recently, the managing director, BUA Cement Plc. Engr Yusuf Binji, said that BUA Cement’s exceptional performance in the 2020 Financial Year is a reflection of the continued value and strength of the BUA Cement brand and product offerings as well as a nod to the excellent implementation of the company’s Business Continuity Plan which ensured that BUA Cement was able to withstand the impact of the pandemic throughout 2020.
In an earlier statement, Binji said that, “despite the prevailing economic conditions in 2020, BUA Cement remains quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development. We will continue to push to new markets aided by a focused distribution strategy.”
The company increased its net revenues by 19 per cent to N209billion, with sales volumes up 13 per cent by about 600,000tons to 5,100,232 tons in 2020. Operating profits increased to N82.5billion whilst PAT rose to N70.5billion from N60.6billion in the corresponding year.