BUA Cement plc doubled its revenue to NG876.5bn (US$584.3m) in 2024 from NGN460bn in the prior year.
Profit before tax increased 48.2 per cent to NGN99.6bn in 2024 from NGN67.2bn while profit after tax reached NGN73.9bn, up 6.3 per cent from NGN69.5bn.
BUA Cement MD/CEO, BUA Cement, Yusuf Binji, said: “Indeed, we are pleased with this performance because of the various headwinds we had to contend with from the turn of the year. More notable was the further depreciation of the Naira, which impacted our cost profile – operating and financing, and our slow start to the year. Our slow start was due to the customer backlog resulting from the 1 October 2023, price cut, which delayed our ability to adjust pricing amid the naira’s depreciation.
“In spite of the slow start, our quality and support offerings continue to endear us to customers, enabling us to surpass our volume figures for 2023 and attaining a record high. To address the issue of rising costs, we have adopted certain measures. I am confident that the benefit of the measures taken will record positive outcomes from 2025.”
