BUA Cement Shareholders Approve N70bn Div, Chairman Urges New Entrants Into Industry

Photo caption: Abdul Samad Rabiu (second right), Chairman, BUA Cement making a point during the company’s Annual General Meeting in Abuja on July 8, 2021. He was flanked by Yusuf Binji, MD, BUA Cement (right), and Ahmed Aliyu, Company Secretary, BUA Cement (second left).

Shareholders of BUA Cement Plc, on Thursday in Abuja, approved the N70bn proposal as dividend for the period ended December 31, 2020, by the directors, translating to N2.067 per ordinary share.

The meeting also reviewed the audited result for the period showing that turnover stood at N204bn, while  Profits After Tax stood at N72.3bn in the year under review.

Speaking at the meeting, Abdul Samad Rabiu, Chairman of BUA Cement Plc, applauded the efforts of the Yusuf Binji led management, staff, and customers for ensuring that BUA Cement on the increased product demand, resulting in higher retail prices despite significantly lower ex-factory prices,

Rabiu also used the occasion to canvass more investments in the nation’s cement industry, arguing that the current national production levels across were not enough to meet the ever-increasing national demand for cement.

Continuing, he said domestic demand was increasing at a rate over 3m metric tonnes per annum, following which he made a case for new investments in the cement sector, just as he encouraged other investors to develop new cement plants.

The statement also assured that it is constructing a 3m metric tonnes, expected to come on Stream in Sokoto by the end of 2021 with new plants already in the works.

Also speaking at the occasion, Yusuf Binji, Managing Director of BUA Cement Plc, restated the company’s commitment to remaining a value-driven company that prioritizes excellence and product quality. The company, he assured, is poised to sustain its current profitability level, despite the very competitive landscape.

“Our value proposition, in terms of product and service support offerings has positioned BUA Cement as a market leader. In addition, we continue to prioritize innovation and continuous improvement, thereby ensuring the continued “fit” of our products to ever-changing customer demands and needs. We are also investing in the latest plant designs which not only drive efficiency but translate into value addition to our customer through the cost savings derived,” Binji added.

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