Despite the gloom of 2020 as a result of the COVID-19 pandemic, BUA cement company had a relatively good year, announcing a full-year revenues of N209 billion in its unaudited 2020 full year financial accounts. This represents an increase of 19 percent from the same period in 2019.
The company also announced a 16 per cent increase in gross profits to N95.4bn in 2020 from N82.4bn in 2019. According to a statement, the firm said it has been strengthened with the commissioning of three million metric tonnes Sokoto Cement Plant in 2021.
It targets the addition of three lines of 9 million metric tonnes total capacity in Adamawa, Edo and Sokoto states by 2023 for which it recently signed an agreement with Sinoma CBMI.
“This is expected to bring BUA Cement’s total capacity to 20 million metric tonnes per annum upon completion.”
The company increased its net revenues by 19 per cent to N209bn, with sales volumes up 13 per cent by about 600,000 tonnes to 5.1 million tonnes in 2020.
The Managing Director, BUA Cement Plc., Yusuf Binji, said the exceptional performance in the 2020 Financial Year, is a reflection of the continued value and strength of the brand.
“Despite the prevailing economic conditions in 2020, BUA Cement remains quite optimistic about the future because it affords us not only with the opportunity to further evolve our business model but also provides an opportunity for accelerated development. We will continue to push to new markets aided by a focused distribution strategy.”