BUA Cement Plc has posted an impressive 90.5% growth in revenue, hitting ₦867.5 billion for the 2024 financial year, up from ₦460 billion in 2023. The performance was disclosed at the company’s Annual General Meeting (AGM) held in Lagos, during which shareholders also approved a ₦2.05 dividend per share.
According to the audited financials presented by the board, the strong topline performance was complemented by a 48.2% rise in profit before tax, which grew to ₦99.6 billion from ₦67.2 billion. Profit after tax increased modestly by 6.3% to ₦73.9 billion, compared to ₦69.5 billion the year before.
Managing Director/CEO Yusuf Binji attributed the robust growth to operational efficiency, network expansion, and improved energy solutions. “We have deepened our presence across Nigeria and optimized our cost structures, all while navigating macroeconomic pressures,” he noted.
Binji added that BUA Cement commissioned two new 3 million metric tonne plants in Sokoto and Obu in 2024, boosting production capacity and enhancing logistics efficiency. He also highlighted the company’s shift towards cleaner energy sources, such as LNG and alternative fuels, to reduce costs and carbon emissions.
Chairman Abdul Samad Rabiu (CFR, CON) reaffirmed BUA’s long-term commitment to sustainability and self-sufficiency in cement production. He noted that the company’s focus on backward integration and capital investment has positioned it to remain resilient amid currency volatility and rising input costs.
“In a year marked by inflationary pressure and FX challenges, we chose to keep prices stable for our customers. This decision helped drive volume growth while reinforcing our role as an essential infrastructure partner,” Rabiu said.
He assured shareholders that BUA Cement would continue to expand capacity while investing in innovative energy technologies and community development initiatives.
The company’s earnings-per-share (EPS) stood at ₦2.18 in 2024, and its total assets climbed to ₦1.2 trillion. Market analysts say the strong fundamentals and consistent dividend payout make BUA Cement a defensive stock and a solid play in Nigeria’s industrial sector.
The AGM also approved several resolutions aimed at strengthening governance and investor confidence. With increasing demand for housing and infrastructure across Nigeria, the company is expected to sustain its momentum in 2025.
BUA Cement remains one of the key players in Nigeria’s cement industry, with a distribution network spanning all six geopolitical zones and an installed capacity of 17 million metric tonnes per annum.
