By Faridat Salifu
BUA Cement Plc has reported a 90.5% increase in revenue to ₦867.5 billion for the 2024 financial year, up from ₦460 billion recorded in 2023.
The announcement was made at the company’s Annual General Meeting held recently in Abuja.
Profit before tax rose by 48.2 percent to ₦99.6 billion, compared to ₦67.2 billion in the previous year.
Profit after tax stood at ₦73.9 billion, a 6.3 percent increase from ₦69.5 billion in 2023.
The company’s strong financial performance was supported by strategic capacity expansion, digital upgrades, and logistics investments.
During the year under review, BUA Cement commissioned two additional production lines in Edo and Sokoto States.
This increased its installed production capacity from 11 million metric tonnes per annum (MMTPA) to 17 MMTPA.
The company also commenced construction of a new 3 MMTPA greenfield plant in Ososo, Edo State.
To improve logistics and customer experience, BUA Cement expanded its fleet with more trucks and introduced an online payment system to reduce waiting time.
Managing Director/CEO Yusuf Binji said the company is strategically positioned to address Nigeria’s infrastructure gap while delivering value to shareholders.
He outlined four priorities going forward: optimising production capacity, prudent debt management, expanding market presence, and accelerating digital transformation.
Binji also reaffirmed the company’s commitment to its RICE values — Respect, Integrity, Commitment and Excellence.
Chairman Abdul Samad Rabiu (CFR, CON) announced a proposed dividend of ₦2.05 per share, representing a 94 percent payout ratio.
He said this high payout underscores the company’s confidence in its business model and ongoing strong financial performance.
Rabiu also thanked shareholders, employees, partners and customers for their continued support and loyalty.
A key highlight of the meeting was the unanimous reelection of three retiring directors.
They include Shehu Abubakar (Independent Non-Executive Director), Finn Arnoldsen (Non-Executive Director) and Khairat Abdulrazaq-Gwadabe (Independent Non-Executive Director).
BUA Cement continues to position itself as one of Nigeria’s leading cement producers with a focus on capacity growth and stakeholder value delivery.
