BUA Cement posts 9.7% rise in net revenue in 1Q23

BUA Cement reports its net revenues rose by 9.7 per cent to NGN106.4bn for the quarter from NGN97bn (US$209.7m) in the same period a year ago.  

BUA Cement’s 1Q23 revenue per tonne increased by 18.5 per cent to NGN66,250/t from NGN55,904/t in the 1Q22. EBITDA declined by 2.8 per cent to NGN45bn from NGN46.3bn in the 1Q22. 

Earnings were offset by increases in raw materials, higher energy costs, depreciation charges, distribution costs and debt issue expenses. Costs of sales rose by 14.7 per cent to NGN56bn from NGN48.8bn in the 1Q22. Energy costs rose by 13.3 per ent to NGN14,261/t from NGN12,593/t during the 1Q22. Selling, distribution and administrative costs rose to NGN7467/t from NGN3352/t for the three months ended 2022. 

BUA Cement continues with the construction of Lines 3 and 5 at Obu and Sokoto plants, respectively.