BUA Cement Grows Profit After Tax to N72.344 Billion in 2020

BUA Cement, one of the leading cement manufacturing companies in Africa, generated revenue of N209.443 billion in the financial year ended 31 December 2020, up from N175.518 billion filed in 2019.

The company disclosed in its audited financial statements released through the Nigerian Stock Exchange.

Gross profit stood at N95.479 billion, up from N82.443 billion recorded in the corresponding year of 2019.

BUA grew operating profit from N71.428 billion in 2019 to N82.022 billion in 2020. Finance income jumped from N157.002 million achieved in 2019 to N859.618 billion in 2020.

Profit before tax rose to N78.873 billion in the year under review, up from N66.225 recorded in the corresponding year of 2019.

The cement manufacturer paid N6.529 billion in income tax in 2020 and declared a profit after tax of N72.344 billion, better than the N60.610 billion recorded in 2019.

BUA total assets almost double from N470.567 billion in 2019 to N766.303 billion in 2020. While total equity and liabilities stood at N375.955 billion and N390.348 billion, respectively.

Earnings per share grew from N1.79 in 2019 to N2.14 in 2020.

Speaking on the performance, BUA Cement Plc, E Yusuf Binji, said: “the exceptional performance in the 2020 financial year was a reflection of the continued value and strength of the BUA Cement brand and product offerings as well as a nod to the excellent implementation of the company’s Business Continuity Plan which ensured that the company was able to withstand the impact of the Covid-19 pandemic throughout 2020.”

“Despite the prevailing economic conditions in 2020, BUA Cement remains quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development. We will continue to push to new markets aided by a focused distribution strategy,” Binji had said.