BUA sees jump in profit following new plant

BUA Cement increased sales in the 1Q22 by 58.5 per cent to NGN97bn (US$233.4m) following the commissioning of its new 3Mta Kalambaina Line 4. Other income surged seven times to NGN186m on the back of insurance claims, which represented 88.7 per cent of the income class. In addition, the management reduced net finance costs by 96.5 per cent.

Post-tax profit increased by 48.2 per cent to NGN33.1bn when compared with the 1Q21. Profit margins stood at 34.2 per cent.

BUA Cement expects to deliver two expansion projects: the 3Mta facility in Edo state and a 3Mta works in Sokoto, both due for commissioning in 2023.