BUA Cement Plc has announced a significant 90.5 per cent jump in revenue to N867.5 billion for the financial year ended December 31, 2024, compared to N460 billion in the previous year.
The company also declared a dividend of N2.05 per share, representing a 94 per cent payout ratio. This was disclosed during its Annual General Meeting (AGM) held on Wednesday.
According to its audited financials, profit before tax rose by 48.2 per cent to N99.6 billion from N67.2 billion in 2023. Profit after tax also increased by 6.3 per cent to N73.9 billion, up from N69.5 billion.
The company attributed its strong performance to capacity expansion and operational improvements. During the year, BUA Cement commissioned two new production lines in Edo and Sokoto States, boosting its installed capacity from 11 million metric tonnes per annum (MMTPA) to 17MMTPA. It also began constructing a new 3MMTPA greenfield plant in Ososo, Edo State.
To enhance logistics and service delivery, BUA Cement invested in additional haulage trucks and rolled out a digital platform for payments and orders, reducing customer wait times.
Chairman of BUA Cement, Abdul Samad Rabiu, lauded the company’s consistent dividend payout and financial resilience. “With a proposed dividend of N2.05 per share, representing a 94 per cent payout ratio, we continue to show strong commitment to shareholder value,” he said.
Rabiu also thanked shareholders, employees, and partners for their trust and loyalty, stating that their continued support drives the company’s push for excellence.
In his remarks, BUA Cement’s Managing Director/CEO, Yusuf Binji, said the company is strategically positioned to tackle Nigeria’s infrastructure deficit while delivering long-term value.
“Our priorities remain clear: optimise production capacity, manage debt prudently, expand into underserved markets, and drive digital transformation,” Binji said.
He reaffirmed the company’s dedication to its RICE values Respect, Integrity, Commitment, and Excellence emphasising that every bag of BUA cement is a symbol of trust and quality.