BUA Cement Grows Profit by 48% to N33.142 Billion in Q1 2022

BUA Cement Plc, one of Nigeria’s leading cement manufacturers, sustained profitability in the first quarter (Q1) ended March 31, 2022. The manufacturer grew revenue by 58.49% to N98.988 billion from N61.192 billion recorded in Q1 2021.

BUA Cement disclosed this in its unaudited financial statement obtained by Investors King.

Cost of sales stood at N48.197 billion, a 52.19% increase from N32.059 billion filed in the corresponding period of 2021. The 52.19% surge in cost of sales dragged on gross profit to N48.197 billion.

Other income rose from N22.811 billion in Q1 2021 to N185.999 billion in Q1 2022.

However, selling and distribution costs jumped 107.97% to N3.243 billion from N1.559 billion in Q1 2021. Administrative expenses increased to N2.758 billion from N1.948 billion.

BUA Cement grew operating profit to N42.382 billion in the first quarter of 2022, representing an increase of 65.23% from N25.649 billion.

Profit before tax appreciated by 70.97% to N42.352 billion in the period under review. The company paid N9.209 billion as income and deferred taxes to pos N33.142 billion as profit for the first quarter. That represents 48.17% when compared to N22.367 billion recorded in Q1 2021.

As expected earnings per share rose from N0.66 to N0.98 kobo.