BUA Cement Plc, the second largest Cement manufacturing company in West Africa, on Friday posted a strong performance for the quarter ended December 31, 2020.
In the unaudited financial statements released throught the Nigerian Stock Exchange (NSE), BUA Cement grew revenue by N3.532 billion to N19.583 billion in the final quarter of 2020, up from N16.050 billion filed in the same quarter of 2019.
Revenue rose by N6.835 billion from N46.089 billion recorded in 2019 to N52.924 in the final quarter of 2020. Cost of Sales increased to N29.223 billion, representing an increase of N2.453 billion when compared to N26.769 billion filed in the same quarter of 2019.
Gross Profit inched higher during the period under review, rising by N4.383 billion from N19.320 billion in 2019 to N23.703 billion in 2020.
Other income of the company declined by N453.084 million from N2.363 billion achieved in the corresponding year to N19.096 billion.
Operating Profit grew to N20.148 billion in the final quarter of 2020, representing an increase of N2.625 from N17.523 billion attained in the same quarter of 2019.
Finance Costs declined from N1.473 billion to N565.294 million.
However, Profit After Income Taxes declined slightly by N405.778 million to N16.951 billion in Q4 2020 from N17.357 billion in Q4 2019. This was due to N2.632 billion income tax paid during the period under review compared to the corresponding quarter when it received income tax credit of N1.307 billion.
Basic Earnings Per Share remained largely unchanged at 50 kobo in the quarter.