BUA Cement declares 16.79% growth in PBT to N120.15 billion in FY 2022

By Philemon Adedeji

The  Nigerian-based Cement manufacturing company, Bua Cement Plc has released its unaudited financial statement for the period ended December 31, 2022, declaring 16.79 per cent growth in Profit Before Tax (PBT) to N120.15 billion in full year 2022 from N101.01 billion achieved in the corresponding period.

The growth in Profit Before Tax was driven by significant improvement in the sale of bagged cement products despite inflationary pressure and depreciation of the naira.

From the Profit and Loss figures, the group revenue increased to a remarkable 40.13 per cent to N360.99 billion in twelve months of 2022 from N257.33 accounted in 12 months of 2021.

The revenue generated from bagged cement products accounted for 99.46 per cent of the total revenue, achieved by the company during the period under review.

From the profit and loss figures, the group declared N101.01 gain in Profit After Tax (PAT) in 2022 from N90.086 billion gain Profit After Tax in 2021, attributed to increase in finance cost, Cost of Sales.

Specifically, the gross profit declared for the period jumped by 34.82 per cent to N163.04 billion in 2022 from N120.94 billion in 2021, as operating profit amounted to N129.72 billion in full year 2022 from N104.22 billion in prior-year, representing an increase of 24.46 per cent.

While, Finance cost increased significantly by 518 per cent to 518 per cent from N1.71 billion in full year 2021 to N10.55 billion in full year of 2022.