BUA Announces N22.4 Billion Profit After Tax in Q1 2021

BUA Cement Plc, Nigeria’s leading cement manufacturer, announced a strong profit after tax of N22.367 billion for the quarter ended March 31, 2021.

In the company’s unaudited financial statements obtained by Investors King, gross profit rose from N23.976 billion filed in the first quarter (Q1) of 2020 to N29.134 billion in Q1 2021.

Operating profit stood at N25.646 billion in the quarter under review, also up from N20.984 billion recorded in the same quarter of 2020.

Profit before tax grew from N20.129 billion in Q1 2020 to N24.771 billion in Q1 2021.

BUA paid N2.404 billion in income tax for the period under review. Bringing profit after tax for the quarter to N22.367 billion.

The manufacturer’s total assets grew to N714.009 billion in the quarter, down from N766.303 billion in the corresponding quarter of 2020.

Total equity stood at N398.321 billion, up from N375.955 billion in the same quarter of 2020.

Basic Earnings Per Share grew from 58 kobo in Q1 2020 to 66 kobo in Q1 2021.