ABUJA (Sundiata Post) – BUA Cement Plc has declared a net profit after tax of N69.5 billion for the full year 2023.
BUA Cement also recorded a revenue growth of 27.4 per cent to N460 billion in 2023, as against N361 billion generated in 2022.
The company disclosed this in its full-year 2023 Audited Financial Statements and Accounts released on Thursday, February 29, 2024.
It noted that the growth was achieved despite the challenging economic conditions that started with the naira redesign policy.
It however said with the devaluation of the naira last June and its continued depreciation, as well as growing inflation, the company faced increasing price pressures which impacted production costs, as these increased by 39.5 per cent to N276 billion, as against N197.9 billion in 2022.
BUA Cement added that it recorded a net foreign exchange loss of N70 billion (2022: N5.5 billion) with N52.5 billion attributed to finance costs, associated with the construction of the additional 3mmtpa lines at Obu and Sokoto and the sum of N17.5 billion attributed to foreign trade payables.
The company, however, noted that it recorded a net profit after tax of N69.5 billion.
The BUA Managing Director/CEO, Yusuf Binji, said: “Clearly, the operating environment in 2023 was challenging, given the different headwinds confronted with at the start of the year and especially with the devaluation of the naira.
“During the year, we launched the maiden edition of the BUA Cement Scratch and Win promo, among other initiatives, which saw BUA Cement further increase its share of the market and resulted to a 27.4 per cent rise in revenues to N460 billion from N361 billion in the prior year.
“In addition, we cold commissioned the new 3mmtpa lines at the Sokoto and Obu Plants, activated a new 70MW gas power plant in Sokoto and eagerly await the activation of the 70MW gas power plant at Obu during the first quarter of 2024.
“Apart from these, we took delivery of over 500 trucks to support our distribution activities, which further deepened our market presence.”
