BUA Cement Plc, Nigeria’s second largest cement company, has released its 2020 audited financials with its Profit After Tax jumping by 19.4 per cent over the corresponding period in 2019 to N72.3billion.
Its revenues also grew to N209.4billion from N175.5 billion recorded during the 2019 financial year.
Providing valuable insights into the financial performance alongside the operational activities for the year, Yusuf Binji, its Managing Director/CEO, attributed the sterling performance to the preparedness and positive impact which the activation of the company’s Business Continuity Plan.
He also emphasized the importance of product design and how BUA’s current offerings adequately cater to the cement needs of its customers, resulting in a sustained growing market acceptance. He added that it was even more noteworthy that significant milestones were attained despite the harsh economic conditions brought about by the pandemic.
“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.
Supporting this resilient performance was our well instituted contingency plan, which ensured that we remained largely immune to economic disruptions such as: production, supply and distribution shocks resulting from the lockdown; the observed shift by investors to alternative investment asset classes; and the low rain fall recorded during the year. 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.
Our performance for the year 2020 witnessed a 13.3% rise in cement dispatched to 5.1mmt, which resulted in a 19.3% rise in revenues to N209.4 billion; along with an 18% rise in EBITDA to N96.8 billion from N82 billion, as at FY2019.