Cement News tagged under: BUA Cement
House of Representatives summons Nigerian producers09 May 2024, Published under Cement NewsDangote Cement and BUA Cement are among a number of cement producers that have been given 14 days to appear before the House of Representatives in Nigeria. The companies were initially summoned by the House to appear in early May as part of an investigation into the hike in cement prices across the country but failed to show, reports Premium Times. Jonathan Gbefwi, chair of the House of Representatives committee, took the opportunity to lament the high cost of buildings materials in N... |
BUA Cement CFO Jacques Piekarski resigns03 May 2024, Published under Cement NewsBUA Cement 's Chief Finance Officer and Executive Director, Jacques Piekarski, has resigned. Mr Piekarski held the post since 2 October 2020 following a position as Group CFO for TGI Group Nigeria. Chikezie Ajaero has been appointed as acting CFO. |
BUA Cement reports revenue growth in 1Q2402 May 2024, Published under Cement NewsNigeria-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 ... |
BUA Cement records revenue growth of 27% in 202301 March 2024, Published under Cement NewsBUA Cement reports its full year 2023 audited financial statements and accounts, posting a strong revenue growth of 27.4 per cent to NGN460bn (US$282m) compared to NGN361bn in 2022, resulting from an increasing market share. However, with the devaluation of the naira last June and its continued depreciation, as well as growing inflation, the company faced increasing price pressures which impacted production costs, as these increased by 39.5 per cent to NGN276bn (2022: NGN197.9bn). In ad... |
BUA's Sokoto Line 5 begins production20 December 2023, Published under Cement NewsProduction has begun at Line 5 of BUA Cement ’s Sokoto plant. The 3Mta expansion project forms part of the company’s plans to not only expand its production capacity but also bring down cement prices in Nigeria. In October this year BUA lowered its ex-factory cement price to NGN3500 (US$4.55)/bag, with the company announcing plans to review its prices even further in the opening quarter of 2024, reports The Capital. The new line at Sokoto takes BUA’s total cement production capacity c... |
A new era for Nigeria05 December 2023, Published under Cement NewsNigeria’s new president signals the dawn of a new era as the west African country aims to address long-standing macroeconomic imbalances. The domestic cement sector continues to add additional capacity in view of long-term market potential, but a number of stumbling blocks need to be overcome before latent demand is realised. By Moses Waireri Njuguna, EFG Hermes, Nigeria. The inauguration of Nigeria’s new president is heralded as a new era for Nigeria as the country aims to address... |
Inauguration of Sokoto plant expansion by January 202403 November 2023, Published under Cement NewsBUA Cement has revealed its plan to inaugurate its Sokoto plant expansion by January 2024. Abdulsamad Rabiu, the Chairman of BUA Group , made this announcement during his visit to Governor Ahmad Aliyu in Sokoto this week. Mr Rabiu said that the company was diligently working to ensure the new plant, currently under construction in Sokoto state, Nigeria, would be ready for the inauguration. He informed the governor that during his meeting with President Bola Tinubu in Abuja he ... |
BUA Cement increases revenues by 28% in 9M2331 October 2023, Published under Cement NewsBUA Cement has released its 9M23 results and posted revenue of NGN335,863m up 27.9 per cent from NGN262,598m in 9M22. Operating profit increased from NGN99,245m in 9M22 to NGN119,683m in 9M23, up 20.6 per cent. Profit after tax for the 9M23 reached NGN76,065m up from NGN74014m in 9M22. Plant expansion at the Obu and Sokoto plants are ongoing with commissioning scheduled for the 1Q24 which will bring the company’s total cement capacity in Nigeria up to 17Mta. |
BUA invests in technology to lower costs11 August 2023, Published under Cement NewsBUA Cement has announced plans to invest in state-of-the-art technologies in a bid to reduce operating costs after reporting a 20 per cent increase in the cost of sales in the first half of 2023. According to the company, the increase was due to higher raw materials costs, energy costs, depreciation charges, and repair and maintenance costs. The Nigeria-based company has already invested in lower-pressure peroxide plants to reduce power consumption, and designed all its plants with tech... |
Nigerian cement sector expands 16% YoY in 1H2307 August 2023, Published under Cement NewsThree of Nigeria’s leading cement producers have reported combined revenue of NGN1.37trn (US$1788m) in the opening six months of 2023, despite the challenging business environment. According to The Sun, Dangote Cement , BUA Cement and Lafarge Africa Plc ’s combined revenue marks a 16.1 per cent increase in the country’s cement industry sector compared to the same period last year. Combined profit after tax for the three companies also improved, up 2.5 per cent YoY to NGN277.7bn, of which... |