In a notification to the Nigerian Exchange (NGX) BUA Cement Plc has revised the closure, qualification and payment dates for the dividend recommended for the year ended December 31, 2020.
The cement manufacturing firm changed the qualification date from July 9 to June 18. The closure date would now be between June 21 and 25, from July 12 and 16, 2021 initially proposed. The payment would be made on July 8 from July 23. 2021.
BUA Cement, which is Nigeria’s second largest cement company, reported a revenue of N209 billion for the year ended December 31, 2020, indicating an increase of 19 per cent above N175.518 billion recorded in 2019. Cost of sales was impacted by the general rise in the cost of doing business to be at N114 billion, compared with N93.1 billion in 2019. Selling and distribution expenses equally pointed north, rising from N11.845 billion to N12.706 billion in 2020.
Administrative expenses reduced from N10.516 billion to N9.472 billion. Also, BUA Cement Plc’s excellent cost management led to a decline of 33 per cent in net financing cost to N3.438 billion in 2020, from N5.192 billion in 2019. As a result, profit before tax (PBT) grew to N79.066 billion in 2020, up from N66.273 billion, while profit after tax (PAT) rose from N60.61 billion to N70.518 billion in 2020
While Commenting on the results, the Managing Director, Yusuf Binji, said the exceptional performance was a reflection of the continued value and strength of the BUA Cement brand and product offerings as well as a nod to the excellent implementation of the company’s Business Continuity Plan which ensured that the company was able to withstand the impact of the Covid-19 pandemic throughout 2020.
He said that despite the prevailing economic conditions in 2020, BUA Cement remained quite optimistic about the future because it afforded it not only with the opportunity to further evolve its business model but also provided an opportunity for accelerated development.
According to him, BUA Cement in 2020 entered strategic alliances for the supply of Liquefied Natural Gas (LNG) at its Kalambaina Plant, Sokoto State, and for the management of its mining operations to ensure that BUA Cement continues to combine development and innovation into its offerings and activities in order to drive efficiency, reduce operating costs and maximize profits.