BUA Cement has announced a N95.4 billion gross profit in 2020, a 16 percent increase from N82.4 billion in 2019.
It also announced a full-year revenues of N209 billion in its unaudited 2020 Full Year financial accounts, representing an increase of 19 percent from the same period in 2019.
A statement from the company said the firm has been strengthened with the commissioning of three million metric tonnes Sokoto Cement Plant in 2021.
It also targets an addition of three lines of 9m 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 20million metric tonnes per annum upon completion.”
The company increased its net revenues by 19% to N209bn, with sales volumes up 13% by about 600,000 tonnes to 5.1m tonnes in 2020.
Speaking recently, the Managing Director, BUA Cement Plc, Mr. Yusuf Binji, said that 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.”