BUA Cement Plc has announced a remarkable revenue surge to N876.5 billion for the 2024 financial year, nearly doubling its 2023 figure of N460 billion, reflecting the company’s aggressive expansion and operational optimisation.
The impressive result, disclosed at the company’s Annual General Meeting (AGM) held yesterday, highlights a resilient performance in Nigeria’s challenging construction and manufacturing environment.
Profit before tax rose sharply by 48.2 per cent, reaching N99.6 billion compared to N67.2 billion in 2023. Profit after tax also grew by 6.3 per cent to N73.9 billion, up from N69.5 billion in the previous year.
The company attributed this robust performance to major strategic moves in 2024. BUA Cement commissioned two new production lines in Edo and Sokoto States, increasing installed capacity from 11 million metric tonnes per annum (MMTPA) to 17 MMTPA.
Additionally, it broke ground for a Greenfield 3MMTPA plant at Ososo, Edo State, further cementing its leadership in Nigeria’s cement industry.
To enhance distribution efficiency, the company boosted its logistics fleet with more trucks and launched an online payment solution that has streamlined ordering and reduced customer waiting times.
In his address, Managing Director and CEO Yusuf Binji said the company is strategically positioned to help address Nigeria’s huge infrastructure deficit.
“As we reflect on our achievements in 2024, BUA Cement stands at the threshold of unprecedented opportunity,” Binji said. “Our journey forward is anchored on four interconnected priorities: optimising production capacity, prudent debt management, market expansion into underserved regions, and embracing digital transformation.”
He reaffirmed that BUA Cement’s operations remain rooted in its Respect, Integrity, Commitment, and Excellence (RICE) values principles that he said are “mirrored in every bag of cement produced.”
Chairman Abdul Samad Rabiu assured shareholders of the company’s enduring commitment to generous returns. He announced a proposed dividend of N2.05 per share, amounting to a 94 per cent payout ratio continuing BUA Cement’s record of distributing over 90 per cent of its profits.
“This reflects both our confidence in the business and our sustained financial performance,” Rabiu said, expressing gratitude to shareholders for their unwavering trust, employees for their dedication, and partners and customers for their loyalty.
A highlight of the AGM was the unanimous re-election of three retiring directors: Shehu Abubakar and Khairat Abdulrazaq-Gwadabe as Independent Non-Executive Directors, and Finn Arnoldsen as a Non-Executive Director.
With these strategic milestones, BUA Cement appears firmly on track to deepen its impact on Nigeria’s infrastructure drive, promising continued value for investors.
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