BUA Cement Plc, one Africa’s leading cement manufacturing companies, grew revenue to N188.562 billion in the first half (H1) of the year.
The company disclosed this in its unaudited financial statement obtained by Investors King.
This represents a 51.73% increase from N124.278 billion reported in the first half of 2021. Cost of sales rose by 47.38% to N97.504 billion from N66.158 billion announced in H1 2021.
As expected, gross profit increased from N58.120 billion to N91.058 billion, an increase of 56.67%. Other income more than double from N72.576 million filed in the corresponding period of 2021 to N200.138 million.
Surprisingly, selling and distribution costs rose more than 130% from N3.496 billion to N8.060 billion. Operating profit stood at N77.737 billion, a 53.86% increase from N50.524 billion achieved in H1 2021.
A 245% jump in net finance costs to N2.845 billion dragged slightly on profit before tax in the period under review.
Still, profit before tax rose 50.69% from N74.891 billion in H1 2021 to N49.700 billion.
For income and deferred taxes, BUA Cement paid N13.527 billion to record N61.364 billion profit after tax, a 41.4% growth from N43.396 billion recorded in the same period of 2021.
Earnings per share improved to 181 kobo from 128 kobo in H1 2021.
Meanwhile, earlier today BUA announced plans to borrow money from International Finance Corporation (IFC) to expand Sokoto’s production capacity from 2 million tons per annum (MTPA) to 8 MTPA and other projects.
Conoil Plc Declares N1.73 Billion Dividend
Conoil Plc announced its intention to pay N1.73 billion in divided to its shareholders for the 2022 financial year. This translates to N2.50 per share.
The major oil marketer revealed these impressive figures after its 53rd Annual General Meeting, held in Uyo, Akwa Ibom State.
Despite the challenging economic landscape in Nigeria, Conoil demonstrated remarkable growth with its Profit Before Tax surging by an astounding 60.1 percent to N6.13 billion in 2022, up from N3.83 billion in the preceding year.
This performance also translated to a 60 percent increase in Profit After Tax, soaring from N3.08 billion to N4.96 billion.
Conoil Plc’s gross earnings rose by 5.1 percent to N145.8 billion in the 2022 financial year, compared to N138.2 billion in 2021.
Shareholders unanimously approved the proposed dividend payout, reflecting their confidence in the company’s ability to navigate a challenging business environment.
Dr. Mike Adenuga, the Chairman of Conoil Plc, expressed the company’s commitment to creating value for shareholders and ensuring a growing share price.
He emphasized their consistent ability to improve operational margins and expand across all locations, focusing on delivering exceptional service to customers.
Looking ahead, Adenuga acknowledged potential challenges in the ever-changing geopolitical and socio-economic landscape but assured shareholders that Conoil would remain focused on strategies that yield dividends.
He highlighted the government’s reform initiatives, including the elimination of petrol subsidies and foreign exchange market reforms, as opportunities for growth.
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Dangote Industries Limited Reaffirms Commitment to Bolstering Employment Opportunities for Nigerians
Dangote Industries Limited has underscored its unwavering dedication to fostering employment opportunities and advancing the cause of decent work for the Nigerian populace.
Dangote Industries Limited has reiterated its steadfast investment in critical sectors of the nation’s economy to facilitate job creation and stimulate the growth of meaningful employment.
Speaking during the induction ceremony of a new cohort of graduate trainees, Mr. Aliko Dangote, the President of Dangote Group, highlighted the company’s transformative journey from a commodity trading entity to a manufacturing powerhouse.
This evolution is a testament to their unwavering mission to contribute significantly to Nigeria’s industrial development, consequently positioning the nation prominently in the African industrial landscape.
“The core mission of our group is to improve the lives of the people by addressing their fundamental needs. This noble objective can only be achieved through the production of essential goods that cater to the needs of our people. This is why we have made massive investments across various sectors of the economy,” stated Mr. Dangote.
Mr. Dangote further emphasized the pivotal role that manufacturing plays in meeting the needs of the populace and its potent ability to combat poverty by creating job opportunities.
He commended the ongoing graduate trainee program as a tangible manifestation of their commitment to employment generation, recognizing its positive impact on the lives of countless individuals.
In a strategic move aimed at fulfilling their goal of job creation and addressing the basic needs of the Nigerian people, Mr. Dangote revealed that his Group has expanded its business portfolio with three significant investments valued at over $20 billion.
These investments encompass the refinery, petrochemical, and fertilizer sectors, with the potential to not only bolster the nation’s economy but also reinvigorate Nigeria’s foreign exchange reserves.
Also, these initiatives are anticipated to generate approximately $16 billion in foreign exchange earnings and offer an impressive aggregate of 250,000 jobs, thereby contributing to the reduction of youth unemployment in the country.
Dangote Industries Limited remains unwavering in its commitment to making substantial contributions to Nigeria’s industrial landscape, and its dedication to providing employment opportunities that uplift the lives of Nigerians is undeniably resolute.
The Group’s continuous investments in critical sectors reflect a steadfast commitment to shaping a brighter future for both the nation and its people.
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