BUA CEMENT HOLDS AGM, DECLARES 72.3BILLION NAIRA PROFITS AFTER TAX, PAYS N70bn DIVIDENDS…
…as BUA Chairman, Abdul Samad Rabiu, canvasses for new entrants, more investments, additional capacity in the Cement industry
BUA Cement Plc, one of Africa’s largest Cement companies, today held its Annual General Meeting for the period ended December 31, 2020, whilst paying dividends of N70billion at N2.067k per ordinary share in a move that shareholders applauded. This is coming on the heels of a profitable year for the Cement producer with a turnover of N204bn and declared Profits After Tax of N72.3billion in the year under review.
Speaking at the AGM, Abdul Samad Rabiu, Chairman of BUA Cement, whilst addressing shareholders and the press, praised the efforts of the Yusuf Binji led management, staff, and customers of the company for ensuring that BUA Cement remained the cement of choice for quality in Nigeria. 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 which was increasing at a rate over 3million metric tonnes per annum. He, therefore, canvassed new investments in the cement sector and encouraged other investors to develop new cement plants. It should be noted that BUA Cement is constructing a 3million metric tonnes which are expected to come on Stream in sokoto by the end of 2021 with new plants already in the works.
In his comments, Yusuf Binji, Managing Director of BUA Cement Plc, said BUA Cement is committed to remaining a value-driven, oriented company that prioritizes excellence and product quality. He also added that the company was well-poised to sustain current profitability despite the very competitive landscape. According to Binji, “Our value proposition, in terms of product and service support offerings has positioned BUA Cement as a market leader. In addition, we continue to prioritize innovation and continuous improvement, thereby ensuring the continued “fit” of our products to ever-changing customer demands and needs. We are also investing in the latest plant designs which not only drive efficiency but translate into value addition to our customers through the cost savings derived.
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. Currently, the second most capitalized manufacturing company on the Nigerian Stock Exchange (NSE), BUA Cement is committed to quality – a differentiating attribute, driven by its people, innovation, and technology; and positioned to solving Nigeria’s cement under capacity while driving economic growth and development.
Cover Of The Week
- Coronavirus: AVAT to partner with UNICEF in scaling up vaccine deliveries to African Union Member States August 3, 2021
- Energy Capital & Power announces historic Libya Energy & Economic Summit 2021, endorsed by the Office Of The Prime Minister August 3, 2021
- WHO to expand support in strengthening the delivery of primary health care and essential health services through Canadian grant August 3, 2021
- PAO Novatech CFO and Deputy Chairman, Mark Gyetvay, to Promote African LNG Opportunities at African Energy Week in Cape Town August 3, 2021
- Chief Scientist of FAO joins Al Sumait Prize Board of Trustees August 3, 2021
- Oloo hails Lionesses performances in Tokyo August 3, 2021
- Siemens drives digital transformation at its Virtual Smart Mining Forum August 3, 2021
- General Assembly Creates New Permanent Forum of People of African Descent August 3, 2021
- African Energy Week in Cape Town to Inject Critical Capital into Local Economy, Create Jobs, Boost COVID-19 Recovery August 3, 2021
- Coronavirus - Somalia: COVID-19 Update (02 August 2021) August 2, 2021
celebrity radar - gossips6 months ago
Profile of New Chief of Army Staff Maj Gen Ibrahim Attahiru
Fashion/Lifestyle3 months ago
How To Make a Girl Horny Fast – 9 Easy Tricks
society6 months ago
Nigerian Army Major Allegedly Storm Car Dealers Shop With Troops Brutalised Civilians By Ifeoma Ikem
religion5 months ago
Behold The Popular Businessman That Supports Primate Ayodele’s Church Building