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HomeBusinessBUA Cement declares N88.047b dividends

BUA Cement declares N88.047b dividends

Shareholders of one of Africa’s largest manufacturing companies, BUA Cement Plc, have approved dividends of N88.047 billion for its financial year ended December 31, 2021 at N2:60k per ordinary share of 50k each. This approval was given during the company’s 6th Annual General Meeting held in Abuja, and comes on the back of a strong financial performance in the year under review that recorded revenue growth of 22.9% from N209.4 billion in 2020 to N257.3 billion in 2021. Profit after Tax also rose by 24.5percent to N90.1billion in the year under review.

Speaking at the meeting, Abdul Samad Rabiu, Chairman of the Board of Directors of BUA Cement Plc said:  “Our performance in 2021 gives credence to our sound business model, value proposition, and the excellent team who responded to the challenges and opportunities that were confronted in the year under review. In the meantime, the BUA Cement brand continues to grow stronger in the marketplace. Our aim is to invest more in the cement industry until Nigeria is self-su;cient, and cement is readily available, accessible, and affordable for all Nigerians. We expect to continue this excellent performance in the  foreseeable future.”

Furthermore,  Rabiu disclosed that the company’s ongoing projects will be completed in 2023 to increase the company’s installed capacity to 17 million metric tonnes per annum which will solidify BUA’s position in the Nigerian Cement industry as well as position the company to take advantage of export opportunities.

On his part, Engr Yusuf Binji, Managing Director, BUA Cement Plc, reaffirrmed the company’s commitment to prioritising excellence across all areas of business, and  product quality whilst ensuring sustainability in its operations.

Binji further added  that when the installed capacity of the company increases by 2023, BUA Cement “will be better positioned to increase existing export volumes and, in the process, take advantage of some of the benefits of the African Continental Free trade Area”.

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