Nigeria’s second largest cement company, BUA Cement, has announced full year revenues of N209 billion in its unaudited 2020 full year financial accounts, representing an increase of 19% from the corresponding period in 2019.
A statement by its Head, Corporate Communications, Sunday Ogieva, made available to Blueprint, Sunday, the company also announced a 16% increase in gross profits to N95.4billion in 2020 from N82.4billion in 2019, thus consolidating BUA Cement’s position as one of Nigeria’s most profitable companies – a position it is expected to strengthen further with the commissioning of its new 3 million metric tonnes Sokoto Cement Plant in 2021 and the addition of 3 new lines of 9 million metric tonnes total capacity in Adamawa, Edo and Sokoto states by 2023 for which it recently signed an agreement with Sinoma CBMI. This is expected to bring BUA Cement’s total capacity to 20 million metric tonnes per annum upon completion.
According to various analysts, the strong performance by BUA Cement in its 2020 full year unaudited results was testament to its focus on efficiency, a strong management team, excellent cost management measures and newer, technologically advanced plants.
Speaking recently, the Managing Director, BUA Cement Plc., Engr. Yusuf Binji, said BUA Cement’s exceptional performance in the 2020 financial year, is a reflection of the continued value and strength of the BUA Cement brand and product offerings as well as a nod to the excellent implementation of the company’s Business Continuity Plan which ensured that BUA Cement was able to withstand the impact of the pandemic throughout 2020.
In an earlier statement, Binji said that, “despite the prevailing economic conditions in 2020, BUA Cement remains quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development. We will continue to push to new markets aided by a focused distribution strategy.”