Nigeria’s BUA Cement has announced plans to expand its production to 20Mta with the establishment of a 3Mt plant in Ososo, Edo state.
Abdul Samad Rabiu, chairman of the board of directors of BUA Plc, made the disclosure in Abuja at the company’s AGM. Delivering a progress report to shareholders he noted that last year the company successfully commissioned additional production lines in Edo and Sokoto states.
“This expansion increased our installed capacity from 11Mta to 17Mta, further solidifying our position as a dynamic player in Nigeria's cement industry and contributing to our growing market share.
“Additionally, we held the ground breaking ceremony for a greenfield 3Mta plant in Ososo, Edo state. Upon completion, it will bring our capacity to 20Mta by the first quarter of 2027,” he explained.
Announcing a dividend payout to shareholders, he said, “The company has proposed a dividend of NGN2.05 per share, representing a 94 per cent payout ratio, as BUA has continued to demonstrate strong commitment to shareholders by consistently distributing 90 per cent of our profits.”
On financial performance of the year 2024, he stated that BUA Cement Pl almost doubled its revenue from NGN460bn (US$301.27m) to NGN876.50bn in 2024, showing a 90 per cent growth.
Furthermore, the company recorded a profit before tax of NGN99.60bn, up from NGN67.20bn and a profit after tax of NGN73.90bn, up from NGN69.50bn in 2023.
