Nigeria’s BUA Cement has reported a 47.5 per cent rise in revenue to NGN175.52bn (US$452.35m) for 2019, compared to NGN119.01bn in the previous year. EBITDA also surged 47.2 per cent YoY to NGN81.99bn from NGN55.7bn, while its EBITDA margin remained flat at 47 per cent.

However, profit after tax was down 5.4 per cent YoY to NGN60.61bn in 2019, attributed to an NGN26.76bn tax credit given in 2018.

"Going forward, our focus is to further harness the full benefits of the merger while making further in-roads to "new markets" both locally and outside Nigeria. We understand that the local and indeed the global economy would experience more uncertainties, yet we expect a continued strong showing across the business, spurred-on by continued recovery across the global economy," said Yusuf Binji, MD of BUA Cement.

The company also saw cement volumes up 53.2 per cent YoY to 4.501Mt from 2.94Mt.

Going forward, the company’s 3Mta Kalambaina Line 3 project is on schedule and is expected to be completed by the 1H21.