BUA cement to increase production to 20mtric tons
BUA Cement has announced plans to expand its production to 20 million metric tons with the establishment of a 3million metric tons processing plant in Ososo, Edo state. Chairman, Board of Directors of BUA cement Plc, Abdul Samad Rabiu made the disclosure in Abuja at the 9th Annual General Meeting of the company. While delivering […]
BUA Cement has announced plans to expand its production to 20 million metric tons with the establishment of a 3million metric tons processing plant in Ososo, Edo state.
Chairman, Board of Directors of BUA cement Plc, Abdul Samad Rabiu made the disclosure in Abuja at the 9th Annual General Meeting of the company. While delivering a progress report to shareholders, Rabiu said, “The company has successfully commissioned additional production lines in Edo and Sokoto states.
“This expansion increased our installed capacity from 11 million to 17 million metric tonnes per annum, 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 3million metric ton per annum plant in Ososo, Edo state. Upon completion, it will bring our capacity to 20 million metric tons per annum by the first quarter of 2027,” he explained.
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Announcing the dividend payout to shareholders, he said, “The Company has proposed a dividend of N2.05 per share, representing a 94% payout ratio, as BUA has continued to demonstrate strong commitment to shareholders by consistently distributing 90% of our profits.”
On financial performance of the year 2024, he stated that BUA Cement Pl almost doubled its revenue from N460 billion to N876.5 billion in 2024, showing a 90 per cent growth.
Furthermore, the company recorded a profit before tax of N99.6 billion, up from N67.2 billion and a profit after tax of N73.9 billion, up from N69.5 billion in 2023.