Despite FX challenges, BUA Cement announces N2 per share dividend
BUA Cement has announced a dividend payment of N2 per ordinary share to its registered members during the 8th Annual General Meeting held on August 29, 2024.
The company also ratified the appointment and re-election of members to key positions within the organisation.
In its recently released second-quarter results for 2024, BUA Cement reported a significant 77 percent year-over-year increase in revenue for the period ending June 30, 2024. However, the company faced a 54% year-over-year decline in pre-tax profit due to foreign exchange expenses.
Despite this, the company has approved a dividend of N2 per ordinary share of 50 kobo for the period ending December 31, 2023.
The company approved the audited financial statements for the year ended December 31, 2023, along with reports from the directors, auditors, and the audit committee.
A dividend of ¦ 2.00 per ordinary share of 50 kobo for the period ending December 31, 2023, was approved.
The directors were authorised to remunerate the company’s auditors for the year ending December 31, 2024.
The remuneration of the company’s managers was disclosed in compliance with Section 257 of the Companies and Allied Matters Act (CAMA) 2020.
The remuneration for the year ending December 2024 was set at N9.1 million for non-executive directors, N10.4 million for independent non-executive directors, and N13 million for the chairman.
Additionally, a resolution was passed in accordance with Rule 20.8(a) of the Nigerian Exchange Rules concerning transactions with related parties or interested persons.
The company and its related entities were granted a general mandate covering all recurring transactions with a related party or interested person, provided these transactions are of a revenue or trading nature or necessary for the company’s day-to-day operations.
Appointment of Ms. Ganiat Adetutu Siyonbola as an independent non-executive director and Mr. Chikezie Ajaero as executive director.
Re-election of Mr. Chimaobi Madukwe, Mr. Kabiru Rabiu, and Mr. Abdul Samad Rabiu, CFR, as directors of the company, who are retiring by rotation.
Selection of members to constitute the statutory audit committee for the financial year of 2024:
Shareholder Representatives: Mr. Ajibola Ajayi, Mr. Kabiru Tambari, and Mr. Oderinde Taiwo.
Board Representatives: Mr. Kabiru Rabiu and Ms. Ganiat Adetutu Siyonbola.
The chairman, Abdul Samad Rabiu, in a statement emphasized the company’s commitment to delivering value to shareholders.
BUA Cement remains committed to maintaining efficient operations despite challenges related to foreign exchange expenses and the overall business climate.
