BUA Cement reports revenue growth in 1Q24

Nigeria-based BUA Cement has released its unaudited financial statements for the three months ended 31 March 2024. The company has posted revenue of NGN161,131m (US$114.4m) over the three-month period, compared to NGN106,352m in the same period a year earlier.

Operating profit came in at NGN33,476m, down from NGN38,387m in the year-ago period, while profit after tax fell from NGN26,800m in the three months ended 31 March 2023 to NGN17,969m in the same period in 2024. Basic earnings per share over the same time frame declined from NGN79 to NGN53. 

Cost of sales jumped from NGN55.977m in the three months ended 31 March 2023 to NGN116,187m in the same period a year later. Meanwhile, selling and distribution costs fell from NGN7264m to NGN6979m over the same time frame.