By Kayode Tokede
BUA Cement Plc has reported 23.8 per cent increase in profit, according to its nine months unaudited results for the period ended September 30, 2020.
The results submitted to the Nigerian Stock Exchange (NSE) on Wednesday showed profit moved to N53.6billion in nine months of 2020 as against N43.25billion reported in nine months ended September 30, 2019.
Also, profit before tax gained 19 per cent to close at N59.48billion compared to N50.19billion reported in nine months of 2019.
The cement producing company also reported 21 per cent increase in revenue to N156.55billion in nine months of 2020 as against N129.43billion reported in nine months of 2019.
BUA cement‘s total assets increased by 34.2 per cent to N621.4billion as at September 30, 2020 from N463.07billion reported in full year ended December 31, 2019.
While commenting on the company’s half year results for the period ended June 30, 2020, the Managing Director of BUA Cement, Yusuf Binji said that the continued impressive performance in 2020 despite the challenging operating environment occasioned by the COVID-19 pandemic, was a pointer to the value and strength of the BUA Cement brand and product offerings as well as a nod to the excellent implementation of the company’s Business Continuity Plan which ensured that BUA Cement was able to withstand the impact of the pandemic in the period under review.
“Our resilient performance continues to showcase the value and strength in our product offering alongside our strategic business model.
“In a bid to further drive cost efficiencies and sustainability, we entered into strategic alliances for the supply of Liquefied Natural Gas (LNG) at the Kalambaina, Sokoto State and the management of our mining operations. Given these deliberate and strategic choices amongst other cost management efforts, we continue to combine development and innovation into our offerings and activities,” Binji added.
On the impact of the pandemic on the business, Binji noted that, “despite the prevailing economic conditions, we are 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.”
It should be noted that BUA Cement has also been actively involved in alleviating the impact of the virus on the most vulnerable in society while also supporting the government’s efforts by providing foodstuff, PPEs and medical equipment to host communities amongst others.