BUA Cement Plc has recorded a strong revenue growth of 90.5 per cent to N867.5 billion for the financial year ended December 31, 2024.
Also, the company declared a dividend of N2.05 per share for the period under review.
The company made this known at its Annual General Meeting (AGM). According to the financial report presented by the board of the company, its revenue soared to N876.5 billion, a remarkable increase from N460 billion in 2023. This topline growth was complemented by strong profitability, with profit before tax rising by 48.2 per cent to N99.6 billion from N67.2 billion in 2023 and profit after tax increasing by 6.3 per cent to N73.9 billion, up from N69.5 billion in the previous year.
Within the period under review, BUA Cement commissioned 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 to shareholders, the chairman of BUA Cement, Abdul Samad Rabiu stated, “With a proposed dividend of N2.05 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.
Also, the managing director/ CEO, BUA Cement, 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 stated further that “BUA Cement remains anchored to the RICE values – Respect, Integrity, Commitment and Excellence. These principles, mirrored in every bag of cement we produce, ensure that trust is not just a promise but a measurable outcome.”
