From Adanna Nnamani, Abuja
BUA Cement Plc has declared a dividend of N2.05 per share following a 48.2 per cent rise in its profit before tax for the 2024 financial year.
Chairman of the company, Abdul Samad Rabiu, announced this on Monday at the company’s 9th Annual General Meeting held in Abuja. He said BUA Cement’s profit before tax rose to N99.63 billion in 2024, compared to N67.2 billion recorded in 2023, despite foreign exchange losses and rising input costs.
Rabiu said the company’s earnings per share also grew to N2.18, up from N2.05 in the previous year, noting that the company remains committed to consistent returns.
BUA Cement’s revenue rose sharply by 90.5 per cent to N876.5 billion in 2024, compared to N460 billion in 2023. Its earnings before interest, tax, depreciation and amortisation (EBITDA) also grew by 43.8 per cent to N268.6 billion, reflecting strong operational efficiency despite the tough business environment.
Rabiu explained that the company had to navigate severe exchange rate fluctuations during the year, which affected import-related costs, capital expenses and dollar obligations. He said while this impacted some margins, the company’s ability to expand dispatch volumes and manage costs kept its operations stable.
The company Chiarman added that BUA Cement’s capacity expansion projects, including new lines in Edo and Sokoto States, increased its installed production capacity to 17 million metric tons per annum in 2024. He disclosed that the company has also commenced construction of a new three-million-ton per annum plant in Oshogbo, Osun State, expected to bring total capacity to 20 million metric tons by the first quarter of 2027.
Looking ahead, Rabiu said the current appreciation of the naira could help stabilise costs in the cement sector. He expressed optimism that further forex reforms will ease pressure on companies like BUA that rely on imported equipment and spare parts for expansion.
“Things are getting better. At one point, the dollar hit N2,000 to N1, but now it’s around N1,500. And I’m optimistic that it will get to N1,000 to N1,300, or even lower. When that happens, cement prices will come down too.
Beyond financial growth, Rabiu disclosed that BUA Cement implemented major governance reforms during the year to strengthen risk management and leadership succession planning. The company separated its Internal Audit and Internal Control functions and engaged a consultant to review its succession framework in line with global best practices.
He said BUA Cement also expanded its corporate social responsibility projects, investing in infrastructure, education, and healthcare in underserved communities, while aligning its operations with international environmental and social sustainability standards.
Applauding shareholders, Rabiu assured them that the company will continue to pursue responsible and inclusive growth that balances profitability with national development goals.
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