BUA Cement posts 25.1% rise in revenue

BUA Cement has announced a 25.1 per cent YoY increase in revenue to NGN54bn (US$139.3m) in its financial results for the 1Q20.

Profit before tax increased by 15.7 per cent YoY from NGN17.4bn to NGN20.1bn in the 1Q20, while profit after tax reached NGN19.8bn – a 26.2 per cent YoY increase from NGN15.7bn.

Discussing the results, Yusuf Binji, Managing Director/CEO of BUA Cement, said the excellent performance in the 1Q financial results amid the outbreak of the COVID-19 pandemic is yet another landmark of the company since its listing on the Nigerian Stock Exchange.

He said the company's performance was buoyed by an increase in production capacity from 5Mta at the end of 1Q19 to 8Mta currently.