Shareholders of one of Africa’s largest manufacturing companies, BUA Cement Plc, have approved dividends of N88.047billion 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. Profits after Tax also rose by 24.5% to N90.1billion in the year under review.
Speaking at the Annual General Meeting, Abdul Samad Rabiu, Chairman of the Board of Directors of BUA Cement Plc commented: “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-sufficient, and cement is readily available, accessible, and affordable for all Nigerians. We expect to continue this excellent performance for the foreseeable future.”
Furthermore, Abdul Samad Rabiu disclosed that the company’s ongoing projects will be completed in 2023 to increase the cement 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, reaffirmed the company’s commitment to prioritizing 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”.
Binji also mentioned that as part of its sustainability initiatives, BUA Cement Plc remains operationally conscious, socially engaged, and economically involved. During the year under review, BUA Cement made significant progress on a cleaner energy mix through its transition from Heavy Fuel Oils to Liquefied Natural Gas in its Sokoto plants. The company completed the installation of a 50MW gas power plant together with the modification of its kilns to enable the use of LNG in the pyro process to reduce BUA Cement’s carbon footprints leading to the full substitution of foreign coal with LNG.
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 with its headquarters in Lagos, Nigeria. 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 solve West Africa’s cement under-capacity, while driving economic growth and development.