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BUA Cement Announces 24.6 Percent Increase in Profit to N43.4 Billion in H1 2021

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BUA Cement Plc, Nigeria’s second-largest cement manufacturing company, on Thursday reported a 22.7 percent increase in revenue in the six months ended June 30, 2021.

Revenue rose from N101.261 billion recorded in the first half (H1) of 2020 to N124.278 billion in the first half of 2021.

The company disclosed in its unaudited financial statements release through the Nigerian Exchange Limited and seen by Investors King.

As expected, the cost of sales inched higher by 19.1 percent from N55.539 billion in H1 2020 to N66.158 billion in H1 2021. While gross profit expanded by 27.1 percent to N58.120 billion in H1, up from N45.723 billion.

The cement manufacturing company grew other income by 52.3 percent from N47.653 billion filed in H1 2020 to N72.6 billion in H1 2021.

Administrative expenses rose to N4.17 billion in the period under review, representing an increase of 57.9 percent when compared to N2.643 billion recorded in H1 2020.

Operating profit increased by 23.8 percent from N40.809 billion in the corresponding period of 2020 to N50.524 billion in the period under review.

Profit before income taxes rose by 26.9 percent to N49.700 billion in H1 2021 from N39.165 billion in H1 2020.

The company paid N6.3 billion in income tax in the first half of 2021.

Therefore, profit after tax stood at N43.396 billion in the first six months of 2021, an increase of 24.6 percent when compared to N34.819 billion achieved in the same period of 2020.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Merger and Acquisition

Access Bank Plans Expansion Into Angolan Market

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

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Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Investors King learnt that Access Bank Plc is expanding its presence to Angola through the acquisition of a 51 percent stake in Finibanco.

The acquisition of Finibanco was disclosed in a filing to the Nigerian Exchange Limited by Access Holdings Plc.

Finibanco is a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.

According to Access Holding Secretary, Mr Sunday Ekwochi, the Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population, represents a strong potential for the bank’s growth aspirations

The Secretary further stated that the transaction is subject to regulatory approvals in Nigeria and Angola. The transaction is expected to be completed during the first half of 2023. This will however be subjected to customary conditions.

Access Bank has been on an acquisition spree since the beginning of 2021. The acquisition of a majority stake in Finibanco makes it Access’s sixth acquisition in the last 18 months.

In June 2022, it acquired a $37 million stake in Kenya Sidian Bank. Other acquisitions include African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.

Access bank is one of the leading banks in Nigeria. As a commercial bank, it operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 45 million customers.

The lending bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom. It also has a branch in Dubai, UAE and representative offices in China, Lebanon and India.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

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Kogi Government Seals Dangote’s Largest Cement Factory

The largest cement factory in Nigeria owned by Aliko Dangote, the richest black man, has been shut down by the Kogi State Internal Revenue Service (KGIRS) for tax evasion and acquisition controversy.

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The largest cement factory in Nigeria owned by Aliko Dangote, the richest black man, has been shut down by the Kogi State Internal Revenue Service (KGIRS) for tax evasion and acquisition controversy.

A staff, who works at Dangote Cement factory in Obajana, Kogi State, confirmed the development, saying “in fact, I’m on my way home as we speak”.

The decision, which was obviously backed by the Kogi State House of Assembly, was supported by Kingsley Fanwo, the Kogi State Commissioner for Information, who said the decision was taken after an investigation was conducted into the acquisition of Obajana Cement Company by Dangote.

He said: “Pursuant to the Constitutional authorities of the Kogi State House of Assembly, and upon petition by the people of Kogi State, an investigation was carried out on the acquisition of Obajana Cement Company by Dangote Company.

“It was found that no valid acquisition took place, as Dangote could not show evidence of what was paid as consideration for the acquisition.

“The legislators invited the Chairman of the Company, Aliko Dangote, before the house for explanations but he failed to appear before the state assembly, giving excuses.

“The House of Assembly, therefore, ordered the closure of the company pending when they are able to present it with credible evidence of a valid acquisition.”

The cement factory was estimated at 16.25Mta capacity across five lines of production, making it the largest cement factory in Nigeria.

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NNPCL Acquires 380 Oando Retail Stations Among Other Assets

The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets among other assets which include eight Liquefied Petroleum Gas (LPG) plants and three lube blending plants. 

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The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets among other assets which include eight Liquefied Petroleum Gas (LPG) plants and three lube blending plants. 

The Nigerian National Petroleum Company Limited has acquired OVH Energy, a major downstream player in the oil and gas industry.

OVH Energy (OVH) Limited owns Onado and operates all the Oando- branded retail service stations across the country.

Speaking at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday, the Group Chief Executive Officer NNPC Limited, Mele Kyari, said, “The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo”. 

He added that NNPC Limited has a target to attain 1,500 retail oil stations. The recently rebranded company aims to be the largest petroleum product retail network in Africa.

“It is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger.  We are also likely going to be the largest downstream company in Africa.” the GCEO, Mele Kyari stated.

Other assets acquired under the OVH Energy deal include a reception jetty (ASPM) with 240,000 metric tons monthly capacity. The deal also included eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses. 

Investors King could recall that the passage of the Petroleum Industrial Act, 2021 has transformed NNPC into NNPC Limited. 

Hence NNPCL is expected to operate as a commercial and profit-focused company. Unlike NNPC which ran for the government by remitting to the Federation Account, NNPCL has no mandate to do so.

The acquisition of OVH Energy Marketing Limited by the Nigerian National Petroleum Company Limited (NNPCL) is considered a landmark deal as NNPCL is set to refocus into retail oil marketing. 

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