BUA Cement Plc, declared it that raked N72.3 billion as profit after paying tax. The company stated this as it held its Annual General Meeting for the period which ended December 31, 2020 whilst paying dividends of N70 billion at N2.067k per ordinary share in a move that shareholders applauded.
The AGM is coming on the heels of a profitable year for the cement company with a turnover of N204 billion and declared Profits after Tax of N72.3 billion in the year under review.
The Chairman of BUA Cement, Abdul Samad Rabiu, whilst addressing shareholders and the press at the AGM, lauded the efforts of the Yusuf Binji led management, staff, and customers of the company for ensuring that BUA Cement remains the choice of Nigerians.
In his comments on the increased demand for cement which had led to higher retail prices despite significantly lower ex-factory prices, Rabiu canvassed more investments in the cement industry, saying that current national production levels across were not enough to meet the ever-increasing national demand for cement that is increasing at 3 million metric tonnes per annum.
He, therefore, canvassed new investments in the cement sector and encouraged other investors to develop new cement plants.
BUA Cement Plc is Nigeria’s second largest cement company and the largest producer in its North-west, South-south, and South-east regions. BUA Cement operates strategically from Okpella, Edo State and Kalambaina, Sokoto State.