BUA Cement Plc said its revenue soared to ₦876.5 billion in 2024- representing a remarkable increase from ₦460 billion in 2023.
This growth was complemented by strong profitability, with profit before tax rising by 48.2 per cent to ₦99.6 billion, compared to ₦67.2 billion it recorded in 2023 and profit after tax increasing by 6.3 per cent to ₦73.9 billion in 2024, as against N69.5 billion recorded in the previous year.
These figures are contained in the financial report presented by the Board of the Company to its shareholders and public at its Annual General Meeting (AGM) held yesterday.
According to a statement, within the period under review, BUA Cement inaugurated two additional lines in Edo and Sokoto states, which increased its installed production capacity from 11MMTPA to 17MMTPA. In addition to this, the Company broke ground to commence the construction of a Greenfield 3 MMTPA production line Ososo, Edo State. BUA Cement further invested in its logistics operations with the purchase of additional trucks, while it also digitalised its payment and product order processes with the introduction of an online payment solution, which reduced customer waiting times, thereby improving customer experience.
Speaking on the occasion, its Managing Director / CEO, Yusuf Binji, said: “As we reflect on our achievements in 2024, BUA Cement stands at the threshold of unprecedented opportunity, strategically positioned to address Nigeria’s persistent infrastructure deficit while delivering exceptional value to our shareholders. Our journey forward is anchored on four interconnected priorities that will define our success: optimise our production capacity, continue prudent debt management, expand our market presence in underserved regions, and embrace digital transformation across our operations.”
He said the company remained anchored to the Respect, Integrity, Commitment and Excellence (RICE) values. These principles, he noted, is mirrored in every bag of cement produced by the firm, and even as it ensures that trust is not just a promise but a measurable outcome.
Its Chairman, Abdul Samad Rabiu, in his address to the shareholders, said: “With a proposed dividend of ₦2.05 per share, representing a 94 per cent payout ratio, we continue to demonstrate our strong commitment to shareholder returns, consistently distributing over 90 per cent of our profits. This reflects both our confidence in the business and our sustained financial performance.”
He also commended the shareholders of the company for their unwavering confidence, the company’s employees for their dedication and hard work, and to its partners and customers for their continued trust and loyalty. He acknowledged that their support fuels the company’s ambition, inspiring it to continually strive for excellence.
One of the high points of the AGM was the unanimous reelection of three retiring directors. These include: Shehu Abubakar, Khairat Abdulrazaq-Gwadabe, both as Independent Non-Executive Directors and Finn Arnoldsen, as a Non-Executive Director.
