BUA Cement Plc, Nigeria’s second largest cement maker, has grew profit by 24.51% year-on-year, to N90 billion in 2021, according to its audited 2021 financial year results.
This is as the company’s revenue improved by 22.86%, compared to 2020, on the back of growth in product categories.
Sales of bulk cement increased by 40.45% to bring in N615 million, while sales of bagged cement grew by 22.83%, generating N257 billion during the period.
Similarly, domestic sales in Nigeria for the period grew by 23%, generating N254.99 billion, while sales outside Nigeria raked in N2.33 billion, reflecting an improvement of 63.42% year on year, compared to its sales in 2020.
The company also made generated income from fixed deposit investments, which brought in N620 million, but it also got substantial income from grants and loans which rose 599.75% to N2.63 billion year on year.
Despite the growth in topline revenues, however, administrative expenses rose much higher than the inflation rate at 29% year on year.
Selling and distribution expenses grew by 23%, however, the company drastically reduced its expenses on Adverts and promotions by 87% compared to the prior-year period.
The company’s total assets now stands N728.51 billion, while Net assets rose by 5.89% to N398.12 billion. The company’s long-term borrowings stood at N43.69 billion.
BUA Cement has earnings per share (EPS) for the period was at N2.66, a 24% increase from N2.14 in FY 2020.
Itso board of directors have recommended the payment of N2.6 kobo as dividend for the financial year ended 31 December 2021.
Upon approval by shareholders, dividends paid to shareholders will be subject to the deduction of withholding tax at the appropriate rate at the time of payment.