Q1 2024: BUA Cement’s post-tax profit declines by 34%

BUA Cement Plc, on Monday posted a Profit After Tax (PAT) of N17.97 billion for the period ended March 31, 2024.

This represented 33 per cent decline, as against N26.80 billion recorded in the corresponding period of 2023.

The company revealed this in its audited financial statement for the quarter ended March 31, 2024, which was sent to the Nigerian Exchange Ltd.(NGX) in Lagos.

The statement was signed by Mr Binji Yusuf, Managing Director, BUA Cement, Jacques Piekarsi, Chief Finance Officer, BUA Cement and Mr Chike Ajaro, Finance Director, BUA Cement.

Yusuf said that the firm’s Profit Before Tax (PBT) also dropped by 40 per cent to N21.29 billion in the quarter under review, compared to N35.46 billion recorded in the same quarter of 2023.

He stated that the company’s gross profit went down by 11 per cent to N44.94 billion for the period under review, as against N50.37 billion posted in the corresponding period of 2023.

According to him, the operating profit of BUA cement stood at N33.48 billion at the end of the first quarter of 2024, compared to N38.39 billion recorded in the same period of 2023, representing loss of 13 per cent.

The managing director noted that the cement company’s total asset for the period under review, however, rose by 2.46 per cent to N1.25 trillion, from N1.22 trillion posted in the same quarter of the previous year.

Yusuf said that the firm’s total liabilities advanced by 1.47 per cent as at the end of the first quarter 2024, to close at N842.70 billion, as against N830.46 billion recorded in the same period of year 2023.

The managing director further said that BUA cement’s free float value as at March 31, 2024, stood at N111.12 billion, compared to N69.08 billion recorded in the same period of the previous year.

This is compliant with the Exchange’s free float requirements for companies listed on the Main Board.