Largest shareholder and chairman of Nigeria’s second largest publicly-listed manufacturing company, BUA Cement Plc, Abdul Samad Rabiu, has announced a share bonus gift, from his pool of shares, for employees of the company worth almost N2 billion in recognition of their efforts to keep the company profitable despite the pandemic and predictions of a tough year.
Despite the COVID-19 pandemic, BUA Cement has remained one of the most profitable companies in Nigeria, declaring a profit-after-tax of N72.3billion representing a 19.4 per cent increase over the corresponding period in 2019. This was announced by the company in a statement and details released in a filing on the NGX.
According to the office of the chairman, Rabiu said it was important to recognise the efforts of key members of staff who worked tirelessly despite the 2020 pandemic to keep the company on a strong footing even as it was better placed to stay profitable for the foreseeable future.
“As we head into another year of record profits, this share bonus for our employees is only the right thing to do. By doing so, our core employees are better placed to benefit from BUA Cement’s future successes which they continue to help deliver,” Rabiu said.