BUA Cement posts N101.3b revenue in H1 despite COVID-19 setbacks

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BUA Cement, one of Africa’s largest cement producers has recorded an impressive N101.3billion as revenue in 2020 half-year despite the impact of the coronavirus pandemic.

In its recent filing to the Nigerian Stock Exchange, BUA Cement also posted and a Profit After Tax of N34.82billion representing an increase of 12.7% and 13.74% respectively from the corresponding period in 2019.

Speaking on the results, the Managing Director, BUA Cement, Yusuf Binji, said the performance of the most admired cement in 2020 so far despite the COVID-19 pandemic was an indication of the value and strength of the BUA Cement brand and product offerings.

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According to him, “Our resilient performance continues to showcase the value and strength in our product offering alongside our strategic business model. Our revenues increased by 12.7% to N101.3 billion from the corresponding period in 2019 whilst Operating profits increased by 7.0%, from N38.1 billion in H1’2019 to N40.8 billion in H1’2020. Equally, EBITDA margin improved in this quarter to 48.1% – an improvement from 45.6% in Q1, 2020.”

“In a bid to further drive cost efficiencies and sustainability, we entered into strategic alliances for the supply of Liquefied Natural Gas (LNG) at the Kalambaina, Sokoto State and the management of our mining operations. Given these deliberate and strategic choices amongst other cost management efforts, we continue to combine development and innovation into our offerings and activities.”, Binji added.

On the impact of the pandemic on the business, Binji noted that, “despite the prevailing economic conditions, we are 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”