Leading cement producer and member of foremost conglomerate, BUA Group, BUA Cement Plc has issued its full-year financial report for the year ended December 31, 2020, with revenue growing by 19.34 percent to N209.47 billion from N175.51 billion in the comparable period of 2019.
During the year under review, the company recorded an increase of 15.50 per cent in operating profit to N82.50 billion as against N71.42 billion recorded in the same period of 2019.
A further breakdown of the unaudited report, submitted to the Nigerian Stock Exchange (NSE), showed that profit before tax rose to N79.06 billion in 2020, from N66.23 billion at the end of the 2019 financial year. The profit after tax grew by 16.34 per cent to N70.51 billion from N60.61 billion recorded in 2019.
Last month, the company announced a successful conclusion of its N115bn Series 1 Fixed Rate Senior Unsecured Bond Issue under its maiden N200bn Bond Issuance Programme, The Punch reports.
The bond was described as the largest ever corporate bond issued in the Nigerian Debt and Capital Markets.
It said the development signalled growing investor confidence in the cement company.
Last year, BUA Cement signed an agreement with Sinoma CBMI of China for the construction of three new cement plants of three million tonnes each per annum, a project valued at $1.05 billion.
The plants would be located in Edo, Sokoto and Adamawa states and were billed for completion by the end of 2022.
Upon completion, BUA said its cement’s capacity would increase to 20 million metric tonnes by 2022.
