BUA Cement holds 2022 Annual General Meeting, impresses shareholders with 40.3% revenue growth

Abdul Samad Rabiu, chairman of BUA Cement Plc, Nigeria’s second-largest cement company, announced during the BUA Cement FY2022 Annual General Meeting that the company plans to commission its Obu Line 3 factory and Sokoto Line 5 factory by Q1 2024 with a combined capacity of 6million metric tonnes per annum.

The announcement accompanied the presentation of BUA Cement’s full-year results, demonstrating a substantial 40.3% increase in revenue, which reached ₦361.9 billion in 2022 from N257.3 billion in 2021. Additionally, BUA Cement’s Profit after Tax recorded a 12.1% rise, climbing to ₦101.0 billion in the year under review, compared to N90.1 billion in FY2021.

Regarding the issue of high cement prices in the country, Mr Rabiu highlighted that BUA Cement Plc’s forthcoming introduction of the Obu Line 3 and Sokoto Line 5 in Q1 2024 aims to alleviate the surge in demand in Nigeria and contribute to making cement more accessible and affordable, in line with the direction of the Federal Government to boost infrastructure development.He affirmed, “Our company remains resolute in its strategies, chiefly centred on market consolidation.

Yusuf Binji, managing director of BUA Cement Plc, underscored the company’s dedication to efficient energy utilisation in the cement production process. He also revealed potential plans for introducing a new product in the upcoming year to align with customer needs and preferences.

Source: News Formal (newsformal.com)

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