BUA Cement Plc witnessed an increase in its net profit by 19.4 percent, with a N72.3 billion profit recorded in 2020 as the cement group enlarged its market share despite the COVID-19 pandemic.
Key extracts of the audited report and accounts of BUA Cement for the year ended December 31, 2020 showed that turnover rose from N175.5 billion in 2019 to N209.4 billion in 2020. Operating profit increased by 14.8 percent to N82 billion as against N71.4 billion in 2019. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 18 per cent to N96.8 billion in 2020 from N82 billion in 2019, with EBITDA margin at 46.2 percent in 2020 as against 46.7 percent in 2019.
Profit before tax rose by 19.1 per cent from N66.23 billion to N78.87 billion. Profit after tax increased by 19.4 per cent from N60.6 billion to N72.3 billion. Earnings per share rose by 19.6 per cent to N2.14 in 2020 as against N1.79 in 2019. Return on equity thus rose by 1.5 percentage points from 18 per cent to 19.6 per cent.
Managing Director, BUA Cement Plc, Engr. Yusuf Binji said the preparedness and the company’s business continuity plan had positive impact on its performance.
His words, “More importantly, our product offerings played a vital role, with more customers being increasingly able to appreciate and differentiate how tailored our products are towards meeting their cement requirements, especially in terms of quality and product support, among other features. This showcases the thought and dedication that is deeply engraved into our product design processes, with the customer’s need at the centre of everything we do,” Binji said.
He added, “Undeniably, the challenges in 2020 have been unprecedented, given the outbreak of the Coronavirus and the disruption caused across homes, communities and organisations. Despite its lingering effect, we witnessed the best of humanity – resilience, as individuals and organisations sought for opportunities to support vulnerable communities, with BUA Cement playing a crucial role in cushioning its effect through its donations.”
