BUA Cement: Sustained Strong Earnings Boosts Half-Year Profit
By Kanayo John
BUA Cement Plc on Tuesday, 26 July 2022 released its unaudited financial statements for the six months ended 30 June (6M ‘22) 2022 to the market.
A close analysis of the results showed that both Revenue (top-line) and Net Income (bottom-line) went up by 51.7% and 41.4% to settle at ₦188.56 billion and ₦61.37 billion respectively, compared to numbers achieved in 6M ‘21. The growth in the top-line was well driven by sales registered in the Nigeria market which contributed 99.3% (2021: 99.1%) to the total Revenue.
Although major cost heads were up compared to 6M ‘22 numbers, however, the improved top-line growth helped push up Operating Profit by over 50.0% growth rate, as can be seen in the table above. After adjustment for tax liability (inclusive of income and deferred taxes) which was up by 114.6% y/y, profit after tax (PAT) rose by 41.4% to settled at ₦61.37 billion. At this income level, earnings per share (EPS) of 181 kobo was achieved, 41.4% higher than 128kobo achieved in 6M-2021.
Kindly see the above table for detailed highlights.
- Kanayo is of Imperial Assets Limited