BUA Cement Posts N34.8 Billion Profit in H1 2020

BUA Cement Plc, the second-largest cement manufacturer in West Africa, on Monday posted a N101.261 billion revenue for the first half (H1) of 2020.

In the unaudited financial statement released through the Nigerian Stock Exchange (NSE), this represents an increase from the N89.859 billion reported for the same period in 2019.

Gross profit increased from N44.290 billion in the first half of 2019 to N46.743 billion in H1 2020. While other income expanded from N3.533 billion in the corresponding period to N4.104 billion in the first half of 2020.

Selling and distribution cost rose from N5.813 billion filed in H1 2019 to N6.395 billion in the H1 2020.

Accordingly, the cement manufacturer’s administrative expenses grew from N3.879 billion filed in the first half of 2019 to N4.753 billion in H1 2020. Operating profit expanded from N38.132 billion in the same period of 2019 to N40.809 billion during the period under review.

Profit before tax expanded from N35.658 billion posted in H1 2019 to N39.165 billion in H1 2020.

Profit after tax grew from N30.614 billion in the first half of 2019 to N34.819 billion in the period under review. Earnings per share grew from 90 kobo achieved in the first half of 2019 to 103 kobo in the period under review.