BUA Cement Nets N95bn Profit in 2020

BUA Cement has earned a gross profit of N95.4 billion in its unaudited 2020 Full Year financial accounts representing 16% increase from N82.4bn in 2019.

A statement from the firm said it has been strengthened with the commissioning of three million metric tonnes Sokoto Cement Plant in 2021.

It targets the addition of three lines of 9m metric tonnes total capacity in Adamawa, Edo and Sokoto States by 2023 for which it recently signed an agreement with Sinoma CBMI.

“This is expected to bring BUA Cement’s total capacity to 20million metric tonnes per annum upon completion.”

The company increased its net revenues by 19% to N209bn, with sales volumes up 13% by about 600,000 tonnes to 5.1m tonnes in 2020.

The Managing Director, BUA Cement Plc., Engr. Yusuf Binji, said the exceptional performance in the 2020 Financial Year, is a reflection of the continued value and strength of the brand.

“Despite the prevailing economic conditions in 2020, BUA Cement remains quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development. We will continue to push to new markets aided by a focused distribution strategy.”

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