BUA Cement revenue from 2021 sales rose by 22.8%. However, cost of production for the cement bags weighed heavily on the turnover, as it grew by 19.6%, showing the management’s inability to tame it.
The company spent an extra N22.43 billion to manufacture its products sold in the market, taking the cost of sales to N136.40 billion for last year, well above the N113.96 billion spent in 2020.
Amid rising cost of production, BUA Cement generated N257.32 billion within twelve months of 2021, surpassing the N209.44 billion revenue it earned from customers a year before.
According to the Audited Financial Statements 2021, released on Wednesday, it was gathered that the gross profit for the period is N120.92 billion, against the N95.47 billion recorded in 2020.
Operating profit for last year was N104.22 billion, rising above the N82.02 billion BUA Cement recorded during the corresponding period, the financial report stated.
At the end of 2021, BUA Cement reported that its profit after tax (PAT) was N90.07 billion, in contrast to the N72.34 billion that was reported during the previous year.
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