ADVERTISEMENT
  • Privacy Policy
  • Terms
  • About us
  • Contact Us
Sunday, October 1, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

BUA cement declares N361bn revenue

BUA

The Matters Press by The Matters Press
August 31, 2023
Reading Time: 2 mins read
0
BUA petrochemical project will add value to economy

Abuja, Aug. 31, 2023: BUA Cement PLC, one of Nigeria’s foremost cement companies, said it recorded a 40 per cent increase in its revenue within the last one year.

RELATED POSTS

At Independence, Tinubu increases wage for low-grade workers, calls for calm

Uwak gives measures to stop Naira slide

Otti performs ground breaking of Abia’s Industrial Innovation Park

Mr Abdulsamad Rabiu, Chairman of the company, made this known on Thursday in Abuja at its 7th Annual General Meeting (AGM).

Rabiu said that the company increased its revenue to N361.9 billion from N257.3 billion realized in 2021.

“Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) grew by 29.2 per cent to N154.5 billion in 2022, from N119.7 billion in 2021.

“Profit after Tax rose by 12.1 per cent to N101 billion in comparison to N90.1 billion recorded in 2021,” Rabiu said.

He added that earnings per share recorded a growth of 12 per cent to N2.98 from N2.66.

According to him, BUA Cement was able to achieve these feats in the midst of global and domestic economic challenges due to its demonstrated resilience and sustained capacity.

“At BUA Cement, we acknowledge the fact that a sound corporate governance culture is central to maintaining the trust and confidence of our stakeholders, it forms the core foundation of our growth strategy, ” he said.

Rabiu said that BUA Cement was committed to reducing the price of cement to make it affordable to Nigerians.

He said that the free-float of the Naira, which is a necessary monetary policy initiative by the government, had resulted in high cost of production, thus resulting in price increase.

“I will reach out to the Minister of Works, Sen. Dave Umahi, to work out modalities to drive down the prices of cement”, he said.

Also speaking, the Managing Director of the company, Mr Yusuf Binji, said that revenue growth at BUA Cement was driven by higher cement volumes and price adjustments.

Binji said that with the additional capacity expected in 2024, the firm would be well positioned to increase cement volumes available for export.

He said that the observed increase in selling and distribution cost of BUA Cement was driven by increase in cement volumes dispatched.

“Furthermore, the price of diesel rose by over 220 per cent from N250 per litre to N810 per litre, increasing our cost to deliver,” Binji said.

Tags: BUA
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Tinubu inaugurates 45 ministers, issues marching order
Economy/Technology

At Independence, Tinubu increases wage for low-grade workers, calls for calm

October 1, 2023
Experts validate Nigeria’s implementation strategies for success under AfCFTA
Economy/Technology

Uwak gives measures to stop Naira slide

October 1, 2023
Israel, Jordan in joint industrial park project
Economy/Technology

Otti performs ground breaking of Abia’s Industrial Innovation Park

October 1, 2023
NAFDAC prevents dangerous Ponmo  from circulation
Economy/Technology

NESG, others task NAFDAC on laboratory for fortification

October 1, 2023
Edo unveils plans for investment desks
Economy/Technology

CPPE says uninterrupted democracy good for investors’ confidence

October 1, 2023
SON sure to certify 75% products in Enugu, Ebonyi states by 2023
Economy/Technology

SON commits to standard products

October 1, 2023
Next Post
China, U.S end tariffs’ war

U.S., China establish new communication channels on trade dispute

Nigeria disburses N56bn to MSMEs

Moniepoint to promote financial inclusion for SMEs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

July petrol pump price ranges between N140.80 and N143.80

Motorists shun petrol filling stations as pump price peaks

June 8, 2023
Nigeria to use poverty report for resource allocation

Hunger affects 4.3m people in Northeast Nigeria

June 29, 2023
NERC declares meters free under mass scheme

Abuja, environ in darkness, AEDC blames poor power generation

March 4, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • The Penis, its global culture

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • At Independence, Tinubu increases wage for low-grade workers, calls for calm
  • Uwak gives measures to stop Naira slide
  • Otti performs ground breaking of Abia’s Industrial Innovation Park

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us