BUA Cement Plc has announced a 25.1 per cent increase in revenue of N54.0billion in its financial results for the first quarter ended March 31, 2020. BUA Cement’s profit before Tax (PBT) increased by 15.7 per cent from N17.4 billion, as at Q1’2019 to N20.1 billion in Q1’2020 while Profit After Tax (PAT) in Q1 2020 stood at N19.8 billion – a 26.2 per cent increase of from N15.7 billion in Q1’2019.
This was contained in a filing on the Nigerian Stock Exchange.
Managing Director/CEO of BUA Cement Plc, Yusuf Binji said the performance in the Q1 financial results amid the outbreak of the COVID-19 pandemic is yet another landmark of the company since its listing on the Nigeria Stock Exchange.
The company’s performance was buoyed by an increase in production capacity from five million metric tonnes at the end of Q1’2019 to eight million metric tonnes currently; its strong product differentiation strategy which translates to an increasing appreciation of BUA Cement product offering and a growing distribution network across existing and new markets.
Binji said: “The turn of the year witnessed the achievement of yet another milestone, with the completion of listing requirements of the Nigerian Stock Exchange (NSE), emerging the third-most capitalised company on the exchange; with a market capitalisation of N1.2 trillion ($3.3 billion) and the de-listing of the shares of CCNN Plc.
Subsequently, BUA Cement was included as a constituent of the MSCI frontier market index in February.