BUA Cement approves N70bn dividend to shareholders

By Kayode Tokede

Shareholders of BUA Cement Plc have approved a total dividend of N70billion representing N2.067 per share for the 2020 financial year at the 5th Annual General Meeting of the Company held recently.

This is according to a notice signed by the company’s secretary, Ahmed Aliyu and filed with the Nigerian Exchange Limited.

BUA Cement Plc in an earlier circular dated 5th of May 2021 had announced a revision in its dividend payment timeline. According to the notice, the firm postponed its qualification date from 9th of June to 18th of June.

The closure of shareholders register was moved to 21st-25th of June as opposed to an initial date of 12th -16th of July. The firm’s AGM was also rescheduled to 8th of July as against an initial date of 22nd of July.

Consequently, a dividend of N2.067 per share was approved to be paid to the shareholders of the company who currently hold 33,864,354,060 fully paid ordinary shares, totalling N69.998 billion.

It is imperative to note that the approved dividend worth approximately N70 billion is 18.11% higher than the amount the company paid to its shareholders in corresponding period of last year (N59.26 billion: FY 2019).

BUA Cement Plc declared in its audited financial statement for 2020 that its profits grew by 19.4% year-on-year to N72.34 billion, compared to last year’s figure of N60.34 billion. The double-digit growth in profit reflected the cement maker’s focus on efficiency, excellent cost optimization strategies, among others.

As at the period of reporting this, BUA Cement Plc share price is down by 4.79% and currently trading at N67.6.