BUA Cement’s after-tax profit rises by N4.1bn amidst 25% revenue growth

BUA Cement Plc has reported a N4.1 billion leap in earnings for the first quarter of 2020 on the back of improvement in turnover by 25.1%.

The comprehensive details of the financial performance of Nigeria’s third biggest public company in the period under review are contained in its unaudited financial statements published by the Nigerian Stock Exchange (NSE) on Monday.

Revenue enlarged to N53.969 billion at Q1 2020 from the N43.134 billion posted in the corresponding period of 2019, translating to more than a quarter increase.

Profit Before Income Tax grew by 15.7% from N17.394 billion to N20.129 billion.

Profit After Income Tax advanced from N15.682 billion to N19.790 billion, equivalent to a 26.2% improvement.

Basic Earnings Per Share (EPS) climbed from N0.46 to N0.58, up by 26.1%.

Read also: BUA Cement posts 5.4% profit drop despite N57bn revenue growth, offers N1.75 dividend

Yusuf Binji, the Managing Director/Chief Executive Officer of BUA Cement, said the impressive Q1 2020 performance was spurred by an expansion in the firm’s production capacity from five million metric tonnes at Q1 2019 to its current 8 million metric tonnes.

“The turn of the year witnessed the achievement of yet another milestone, with the completion of listing requirements of the Nigerian Stock Exchange (NSE), emerging the third-most capitalised company on the exchange; with a market capitalisation of N1.2 trillion ($3.3 billion) and the de-listing of the shares of CCNN Plc. Subsequently, BUA Cement was included as a constituent of the MSCI frontier market index in February…

“In response to the global pandemic, we implemented our “COVID business continuity program”, built into our corporate governance framework. This minimises disruptions along the value chain; prioritises the safety of workers and customers; and assesses probable scenarios a prolonged lockdown would have on the business,” he said.

BUA Cement’s outstanding shares currently number over 33.864 billion.

The stock opened trade on the floor of the NSE today at N40 per share.

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